Get started

Digitalassets

Getting close to triggering longs over the 40-day high in BTC After years of Central Bank "price stability" with a special focus on keeping the equity bull alive, #Trendfollowing strategies were finally unleashed following Covid making up for lost time, and are on track to post yet another stellar year. Of course past performance is never any indication of future returns, but we can think of at least one decent source to support this opinion - maybe check out our Twitter feed. Demonstrably, trend strategies have also performed well in the #DigitalAssets over the past few years. We are currently armed and set to pull the trigger to initiate new longs if the 40-day high is taken out to the upside (call it 45.9k). For what it's worth, the last time our spidey senses were tingling like this, BTC would have been considered a breakout over $4,100. So, there's that: With an ATR around $2k right now, consider entering a buy stop to go long at $46k, risking to $40k just in case this is triggered and does not work out. If you do not know how much you are going to risk on a trade before you've even taken it, you shouldn't be speculating and have an incomplete trading plan. That said, this is not investment advice and is for informational purposes only. Trading is risky and not suitable for all. You must do your own research and please consult with your own financial advisors.
COINBASE:BTCUSDLong
by 40in20out
Opensea phishing scandal reveals a security need across the NFT OpenSea’s latest vulnerability poses a larger and more deeper question relating to the global NFT ecosystem’s existing security infrastructure. Despite the ongoing volatility plaguing the digital asset sector, one niche that has undoubtedly continued to flourish is the nonfungible token (NFT) market. This is made evident by the fact that a growing number of mainstream mover and shakers including the likes of Coca-Cola, Adidas, the New York Stock Exchange (NYSE) and McDonalds, among many others, have made their way into the burgeoning Metaverse ecosystem in recent months. Also, owing to the fact that over the course of 2021 alone, global NFT sales topped out at $40 billion, many analysts expect this trend to continue into the future. For example, American investment bank Jefferies recently raised its market-cap forecast for the NFT sector to over $35 billion for 2022 and to over $80 billion for 2025 — a projection that was also echoed by JP Morgan. However, as with any market growing at such an exponential rate, issues related to security have to be expected as well. In this regard, prominent nonfungible token (NFT) marketplace OpenSea recently fell victim to a phishing attack that took place just hours after the platform announced its week-long planned upgrade to delist all inactive NFTs. Diving into the matter On Feb 18, OpenSea revealed that it was going to initiate a smart contract upgrade, requiring all of its users to transfer their listed NFTs from the Ethereum blockchain to a new smart contract. Owing to the upgrade, users who failed to facilitate the above said migration stood at a risk of losing their old and inactive listings. That said, due to the small migration deadline provided by OpenSea, hackers were presented with a potent window of opportunity. Within hours of the announcement, it was revealed that nefarious third party individuals have initiated a sophisticated phishing campaign, stealing NFTs from many users that were stored on the platform before they could be migrated over to the new smart contract. Providing a technical breakdown of the matter, Neeraj Murarka, chief technical officer and cofounder of Bluezelle, a blockchain for GameFi ecosystem, told Cointelegraph that at the time of the incident, OpenSea was making use of a protocol called Wyvern, a standard tech module that most NFT web apps make use of since it allows for the management, storage, and transfer of these tokens within users' wallets. Because the smart contract with Wyvern allowed users to work with the NFTs stored in their “wallets,” the hacker was able to send out emails to Opensea clients masquerading as a representative for the platform, encouraging them to sign “blind” transactions. Murarka further added: “Metaphorically, this was like signing a blank check. Normally, this is okay if the payee is the intended recipient. Keep in mind that an email can be sent by anyone, but be made to appear to be sent by someone else. In this case, the payee appears to be a single hacker who was able to use these signed transactions to transfer out and effectively steal the NFTs from these users.” Also, in an interesting twist of events, following the incident the hacker apparently returned some of the stolen NFTs to their rightful owners, with further efforts being made to return other lost assets. Providing his take on the entire matter, Alexander Klus, founder of Creaton, a Web3 content creation platform, told Cointelegraph that the phishing email campaign used a malicious signing transaction to approve all holdings to be able to be drained at any time. “We need better signing standards (EIP-712) so people can actually see what they are doing when approving a transaction.” Lastly, Lior Yaffe, cofounder and director of Jelurida, a blockchain software company, pointed out that the episode was a direct result of the confusion surrounding OpenSea’s poorly planned smart contract upgrade, as well as the platform’s transaction approval architecture. NFT marketplaces need to step up their security game In Murarka’s view, web apps making use of the Wyvern smart contract system should be augmented with usability improvements to ensure that users don’t fall for such phishing attacks time and time again, adding: “Very clear warnings should be made to educate the user about phishing attacks and driving home the fact that emails will never be sent, soliciting the user to take any steps. Web apps like OpenSea should adopt a strict protocol to never communicate with users via email apart from maybe just registration data.” That said, he did concede that even if OpenSea were to adopt the safest security/privacy protocols and standards, it is still up to its users to educate themselves about these risks. “Unfortunately, the web app itself is often held responsible, even though it was the user that was phished. Who is responsible? The answer is unclear,” he noted. A similar sentiment is shared by Jessie Chan, chief of staff at ParallelChain Lab, a decentralized blockchain ecosystem, who told Cointelegraph that regardless of how the entire attack was orchestrated, the issue not entirely dependant on OpenSea’s existing security protocols but also on user awareness against phishing. The question remains whether the marketplace operator should have been able to provide sufficient information to its users to keep them informed of how to deal with such scenarios. Another possibility to mitigate any potential phishing events is by having all interactions between users and their web apps being driven solely via the use of a dedicated mobile/desktop interface. “If all interactions required the use of a desktop app, such attacks could be bypassed completely.” Providing his take on the subject, Yaffe noted that the main problem — which lies at the heart of this whole issue — is the basic architecture of most NFT marketplaces, enabling users to simply sign a carte blanche approval for a third-party contract to use their private wallet without setting a spending limit: “Since the OpenSea team did not really figure out the source of the phishing operation, it might as well happen again next time they attempt to make a change to their architecture.” What can be done? Murarka noted that the best way to eliminate the possibility of these attacks is if people start making use of hardware wallets. This is because most software wallets as well as other custodial storage solutions are too vulnerable in their general design and operational outlook. He further elaborated: “Much like Bitcoin, Ethereum, etc, NFTs themselves should be moved to hardware wallet accounts instead of leaving them on a centralized platform,” adding: “Users need to be super aware of the risks of responding to and acting upon emails they receive. Emails can be faked very easily, and users need to be proactive about the safety of their crypto assets.” Another thing NFT owners need to remember is that they should only be visiting web apps that employ high-quality security protocols, checking that the accessed marketplaces utilize the HTTPS mechanism (at the very least) while being able to clearly see a lock symbol on the top left of their browser window — which correctly points to the intended company — while visiting any webpage. Yaffe believes that users should be careful with contract approvals and keep an accurate track of the contracts they have greenlighted in the past. “Users should revoke unnecessary or unsafe approvals. If possible users should specify a reasonable spending limit for every contract approval,” he concludes. Related: Cointelegraph partners with Nitro Network to bring digital mining and decentralized internet to the masses Lastly, Chan believes that in an ideal scenario, users should keep their wallets on a dedicated platform that they don’t use to read email or browse the web, adding that any such avenues are subject to all manners of third party attacks. He further stated: “This is inconvenient, but when dealing with assets of great value and where there is no recourse in the event of theft, extreme care is justified. And, as with all financial transactions, they should be very careful in deciding who to deal with, since the counterparties can also steal your assets and disappear.” Therefore, while moving into a future driven by NFTs and other similar novel digital offerings, it remains to be seen how platforms operating within this space continue to evolve and mature, especially as a growing amount of capital keeps making its way into the NFT market.
BITSTAMP:BTCUSD
by monicaagrizzi9
Making the Metaverse the key to a better future instead of a dysThe digitization of humanity via AI and the metaverse is already inevitable, but will it lead us to a decentralized, better world or to a dystopian nightmare? Will the Metaverse(s) change humanity as we know it? Will the Metaverse(s) be the ultimate augmentation of human perception? Will it become an agora for our dreams (and, of course, nightmares), able to transform human perception entirely? Has it already started? To start with the latter question: Yes, the groundwork has already been laid. Sensors from our smartphones, social media, digital devices, and the digital data-driven companies that top the Fortune 500 comprise the new cathedrals, religions and tribal spaces for humanity. These technologies and the onset of the so-called Fourth Industrial Revolution, or 4IR, and the AI-driven Society 5.0 have seen more change in humanity in the last 50 years than in the previous 30,000 combined. And this is just the beginning! In 1974, in a thought experiment, philosopher Robert Nozick visualized a hypothetical machine capable of providing every pleasure and experience imaginable. Nozick asked a provocative question: If given a choice, would we choose the machine over reality? Nozick concluded that we probably wouldn’t choose the machine, arguing it is better to experience the highs and lows of this physical world than to experience the artificial, never-ending high of the simulated. But a lot can change in 50 years. In 1990, 16 years after Nozick and a year after Tim Berners-Lee first conceptualized the World Wide Web, Steve Jobs famlously called the personal computer the “bicycle for the mind,” and we were off to the artificial races. Recoding the human need for stories What would we choose now if presented with a choice between the real, physical finite and the virtual, digital infinite powered by AI? The answer is that we have already chosen. We are all now digital magicians, scientists and subjects in the great ongoing virtual social experiment, interacting and stimulating each other’s brains and bodies with multiple experiences and feelings that are completely indistinguishable from experiences in the “real” physical world. This is happening across Facebook, TikTok, YouTube, rypto-empowering NFTs, Fortnite, Second Life, Decentraland and countless other online and social media platforms. The Metaverse (or metaverses) merely represent the ultimate augmented form of dreaming and the decision that has already been made. As our technologies develop so fast, we are indeed moving toward the digitization of humanity, thanks to AI and the invention of the metaverse — the future looks more like the one in Ernest Cline's Ready Player One, where the digitized reality is enabling us to experience almost everything! Related: Sci-fi or blockchain reality? The ‘Ready Player One’ OASIS can be built While the Metaverse represents the culmination of the last 50 years of technology, it will also invite new and wholly unique ways of thinking and dreaming about humanity's obsession with bigger and bigger stories. That will include new ways of interacting, communicating, and storytelling, marking a new chapter in our social-economic centralized and decentralized 4IR, Web3, Society 5.0 cultural history. Stories have sustained human culture and civilization for several millennia. They teach us to speak, read, write, assimilate civil codes, create Magna Cartas and forge our identities. Through them, we learn about language and psychology, belonging, ownership and the sense of right and wrong. They define the narrative of our lives and our communities, and, by extension, of our circular socio-economic models, financial codes and ethics. Like the verses of Homer or Milton, the Metaverse of today will go down in history as a force that shaped the course of civilization, and an island in the archipelago of the complex human history of epics, comedies and tragedies together with inventions of fire, the wheel, computers, internet and now the Metaverse! Related: The metaverse will bring a further erosion of privacy Just as we have started implementing aspects of the “real world” in the Metaverse, from virtual landmarks to cities’ digital twins, we can also be sure that our experiences will bridge the real and the virtual in the Metaverse, which will reshape our narratives in the physical world, not unlike the way the internet and social media changed not just how we gather information, but also how we perceive that information and fit it into our personal narratives. However, the Metaverse additionally offers us a new chance to reshape those narratives, new ways of dreaming (and having nightmares), augmenting the possibilities and remediating the downsides of the internet’s current model. AI dreaming or a dystopian Pandora Box? The first movers in the Metaverse revolution are and will undoubtedly continue to be the ones that bridge physical and virtual experiences: from creating new cities and new properties, to travel and art, to general experiences, all of which continue expanding and augmenting our society with brand new social media and gaming experiences. At the moment, this is happening on platforms that have significantly large user bases, creator marketplaces, experiences with live digital events, and cutting-edge hardware, and it’s these platforms that are building the basis of this new medium. Web3, AI, blockchain and other decentralized technologies will provide a check on these companies and people behind these platforms that were not present in the earliest days of the internet, ensuring similar mistakes are not made as this foundation is being put in place. We already began transitioning to the Metaverse some time ago via the various interactive experiences that create singular moments on digital, social, and gaming platforms that have been developed over the last 20 years. It is well known that these platforms have commodified the individual via collection of their data and the recording of their activities, exploiting their desires and frustrations both. To solve this problem, we need to create AI digital ethics and be conscious of the risks inherent in augmenting our perception of reality, and the fake narratives that could take root under such circumstances, and adopt self-sovereign identities (SSI), decentralized digital identities that allow for credentials to be presented and verified in digital interactions. Related: Facebook’s centralized metaverse a threat to the decentralized ecosystem? The new metaverses’ AI technology solutions allow us and any users to self-manage and augment our digital identities without depending on third-party providers to store and centrally manage data. But this can also can be radically disruptive if not managed well, and much more revolutionary than anything in the previous 30,000 years of humanity. The use of blockchain technology and NFTs, along with AI tools, VR, and AR — even holograms like in Star Wars — are in their nascent development, but will be vital in scaling the vision of what metaverses are and can be, and we need to imagine and build them collectively, being conscious of their capacity to empower us if built ethically and securely, creating trust. For a metaverse to succeed, we need to make sure that we are all conscious that this is happening now! It is part of all of our life’s present, not in the far-flung future! The Metaverse needs to be built by all of us, with conscience, seamless and trusted, where the citizen — each of us — uses these new tools, like the invention of fire before, to empower themself by owning and evolving with the new metaverse platforms and technologies, not being a slave to them. Therefore, we must be conscious that we need to build and make the Metaverse, the AI platforms for the amplifications of humanity, their very best instead of a dystopian prison! Only in this way will we ensure that the present building of our Metaverse becomes the ultimate set of tools and platforms for helping us to dream bigger and unlock more powerful narratives, rather than trapping us in a prison built from within our own biggest fears and nightmares.
BITSTAMP:BTCUSD
by monicaagrizzi9
Crypto industry seeks to educate, influence US lawmakers as it fMuch like other activity in the digital asset space, crypto lobbying has been picking up during the past year. Interaction between the cryptocurrency industry and Capitol Hill is becoming ever more intensive as efforts to regulate crypto grow in tandem with its popularity. The surge in crypto industry lobbying last year was given some concrete parameters in February by crypto analytics startup Crypto Head. It released a report showing that the crypto companies that spent the most money on lobbying in 2021 were Robinhood, Ripple Labs, Coinbase and the Blockchain Association. These organizations were the lobbying leaders during the past five years as well, although with different rankings. Here is what the United States crypto-lobbying landscape looks like today. Metrics of influence Robinhood spent $1.35 million on lobbying in 2021 and was the only crypto-related organization to spend more than $1 million. Ripple Labs, in second place, spent $900,000. The Economist estimated a total of $5 million was spent by crypto firms on lobbying in the first three quarters of 2021. To put this in perspective, the highest-spending lobbying group in the U.S. in 2020, the National Association of Realtors, spent $84.11 million according to the nonprofit Open Secrets, which provided the data for the Crypto Head report. Blockchain Association executive director Kristin Smith said in an email to Cointelegraph that “Spending is only one metric of influence, and these roundups do not often provide context on the effectiveness of dollars spent.” Smith noted the Crypto Head report “mixes companies with different focuses, multi-member trade associations and other entities, making a one-to-one comparison difficult.” Smith said education is the top priority of her organization. She told Fox News last year, “Our number-one priority is helping Yellen understand crypto goes beyond the financing of criminal enterprises.” The crypto industry was not alone in lobbying for cryptocurrency. The National Football League spent $600,000 lobbying Congress, the U.S. Securities and Exchange Commission and other government agencies in 2021 with the goal of determining “whether crypto can be an integral part of the League’s business,” according to CNBC sources. In February, former presidential candidate Andrew Yang launched Lobby3, a decentralized autonomous organization that will lobby for Web3 and the eradication of poverty. Revolvers at work Crypto Head noted the presence of “revolvers” in the ranks of cryptocurrency industry lobbyists, defining revolvers as “government regulators, congressional staff or members of Congress who take jobs in lobbying firms, making the most of their insider knowledge.” The narrative became richer in February with the release of the Tech Transparency Project (TTP) report “Crypto Industry Amasses Washington Insiders as Lobbying Blitz Intensifies.” The TTP report documents the presence of “two former chairs of the Securities and Exchange Commission (SEC), two former chairs of the Commodity Futures Trading Commission (CFTC), and one former chairman of the Senate Finance Committee,” other former legislators and staffers of various sorts for a total of “nearly 240 examples of officials with key positions in the White House, Congress, federal regulatory agencies, and national political campaigns moving to and from the industry.” While the employment of revolvers is common practice in many industries, and not only for lobbying, TTP saw a potential conflict of interest in movement from the industry into government. Specifically, five “former top executives at Circle Internet Financial,” operator of the stablecoin USD Coin (USDC), have joined the Federal Reserve Bank of Boston “even as the firm is seeking a bank charter from the Fed.” The Boston Fed is also taking part in the Project Hamilton research on a digital dollar. Crypto PACs Political action committees (PACs) give the crypto industry another opportunity to influence the political process, and there has been a flurry of organizations on that front as well. The American Blockchain PAC was founded in November with the goal of raising $300 million for pro-crypto candidates. However, it was reported in mid-February to have raised less than $8,000 so far. In January, the $10-million Democratic Protect Our Future PAC was created, and donors include FTX CEO Sam Bankman-Fried. The Gonna Make It (GMI) PAC launched the same month with backing from former Donald Trump communications director Anthony Scaramucci, with a tweet declaring, “When we organize, when we mobilize, we are unstoppable. We are GMI PAC, a super PAC that will elect pro-crypto candidates in federal races across the country.” It intends to raise $20 million. Coinbase launched its second attempt at a PAC in February. It was a founding member of the Crypto Council for Innovation last April. Crypto politics in the U.S. promises to be interesting this year.
BITSTAMP:BTCUSD
by monicaagrizzi9
High-profile athletes are spending huge amounts on NFTs: Here's Worldwide nonfungible token trading was worth around $40 billion in 2021, and it has since attracted some big names in the sports industry. Athletes have been known to invest in a range of assets and businesses, but now they're also getting into cryptocurrency and blockchain. Nonfungible tokens (NFTs) are a relatively new form of tokens that allows for the exchange, trade and ownership of unique digital assets. According to market data, worldwide NFT trading was worth around $40 billion in 2021, and now some professional athletes have joined the movement. Luka Modric, a Real Madrid soccer player from Croatia, launched a line of NFTs, while Neymar, a Brazilian professional footballer with Paris Saint-Germain in the French league, recently paid over $1 million for two NFTs. Several professional athletes, including Alexander Ovechkin and Michael Bisping, have been known to be interested in the world of NFTs. Buying NFTs appears to be a simple and lucrative investment for the rich, especially if they are well-known. However, Philip Gunwhy, partner and brand strategist at Blockassets, an athlete-focused NFT ecosystem, claims that there is considerably more to it than simply investing and cashing out. During a Q&A session with Cointelegraph, Gunwhy discussed why athletes have been drawn to NFTs. Related: NFTs and DeFi are revolutionizing real-estate investing and homeownership — Here’s how Cointelegraph: Why do you think athletes are drawn to the NFT world? Philip Gunwhy: The ever-evolving world of NFTs and the technology behind them means that athletes can utilize them in a way to interact with fans. While it is a relatively new technology, there are clear examples of how fans can benefit from holding official athlete NFTs, such as meet and greets and even fully interactive metaverse interaction with 360 cameras. CT: What’s beyond that? What would happen if everyone issued their own NFTs? PG: How NFTs are being utilized changes every day. Ultimately it’s a smart contract, transparent transactions that will be permanently stored on the blockchain. If everyone is issued their own NFTs outside of the world of celebrities, there still may be use cases for it even with a lack of overall public demand. For example, I could issue my CV as an NFT, employment history and references could all be verified. Ultimately, the uses for NFTs are only limited by the limits of imagination. CT: What benefits do you think athletes can get from being involved in the NFT world? PG: Aside from all of the traditional levels of exposure that any traditional marketing method would bring, it is a way for them to engage with their fans in a way never before. With an athlete NFT collection and or token, the superfans become part of a super community. I’m a big believer in the future of fan/social tokens and creating an eco-system that fans can benefit from acquiring their token; it’s a path and a journey that the fans can benefit from at the same time the athlete does, creating a win-win environment for both athlete and fan. CT: How do you think the influx of athletes into the NFT world will change the industry? PG: The influx of athletes into the NFT world will bring mass adoption and education to NFTs. But, at this point, we are only really touching the tip of the iceberg as to people’s general awareness of the power NFTs can bring to society. Throughout history, those with influence will be the ones that deliver awareness to the masses. CT: Do you see any potential risks associated with athletes being involved in the NFT world? PG: As with anything new that follows the path of hype, there will always be the unscrupulous minority who will try to take advantage of the situation. The creation of imitation NFTs and or phishing type scams will pop up. Therefore, people need to be vigilant. Work with only companies that you can be confident are official and make sure due diligence has been covered before making any investments. CT: Which current processes in the sports industry can be eventually replaced with NFTs or blockchain in the future? PG: I see a high probability that traditional ticketing will be entirely replaced by NFT ticketing. A season ticket, for example, could be transferred with complete transparency across the blockchain. There are so many more benefits to replacing old technology with the new, and tickets will never be lost; the ticket can and will be used in both digital and real-world scenarios. For example, a match day program can be airdropped to the holders’ wallet along with clips and highlights of the game. CT: What advice would you give an athlete who is looking to get into the NFT world? PG: For an athlete looking to get into the NFT world, I’d encourage them to discover their motives. Those simply looking to get an extra revenue stream can provide that, but fans will not necessarily be engaged with it. If the athlete wants to engage with their fan base and grow a true synergy, then find the right company to partner with that has proven to deliver this. CT: Do you think there's more to it than just investing and cashing out? PG: While there will always be many people looking at athlete NFTs as an investment, it’s not necessarily the view that I hold at all. Instead, I view the collection of NFTs and the acquisition of social tokens as a fun way to interact with the athlete. If you are a fan and want to benefit from that relationship, then the future is in digital smart contracts. Related: Fan Controlled Football raises $40M to expand league with Bored Apes and Gutter Cats CT: How do you see athletes' involvement in the NFT world affecting their careers in the long run? PG: Athletes that become involved in the NFT world can benefit their careers by adding value to their IP. With social tokens, their market cap can directly determine their value as an athlete. Although, the past couple of decades, sponsorship deals have been a huge factor in decision making when it comes to negotiating sponsorship deals, the future of Web3 and social tokens empowering new forms of social media, an athlete market cap will quickly catch up and potentially overtake as a way to determine an athletes popularity and therefore, marketability.
BITSTAMP:BTCUSD
by monicaagrizzi9
The crypto oasis: UAE (How) The nation has a patchwork of largely crypto-friendly, region-specific rules that can finally get standardized. The United Arab Emirates is reportedly getting ready to start issuing federal licenses for virtual asset service providers (VASPs) by the end of the first quarter of 2022. The move is expected to become part of a complex regulatory framework that the Middle Eastern nation is looking to establish on its way to becoming one of the world’s most crypto-friendly jurisdictions. What could this trajectory look like for the UAE? The proposed regime The UAE’s Securities and Commodities Authority (SCA) is reportedly finalizing rules that would allow digital asset firms to set up shop in the country. While working on the legislation, the SCA bore in mind both Financial Action Task Force guidelines and the current legislative developments in the United States, the United Kingdom and Singapore. In what was described as a “hybrid approach,” the SCA will oversee the digital asset marketplace in a dialogue with the Central Bank of the United Arab Emirates without directly interfering with the daily licensing procedures of the financial institutions in the country’s key financial centers, such as Dubai and Abu Dhabi. The government also reportedly intends to create a regulated environment for crypto mining. Current outlook The United Arab Emirates is a federation consisting of seven emirates: Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, Sharjah and Umm Al Quwain. Usually, the federal government has the final say over financial matters, and the two principal bodies that define financial regulation are the UAE Central Bank and the SCA. Still, the federation includes several free zones, which are granted a degree of autonomy when crafting financial rules. In fact, there are already around 30 VASPs, operating in the country’s free zones. Dubai Multi Commodities Centre (DMCC) accommodates 22 VASPs, Abu Dhabi Global Market (ADGM) has six, and Dubai Silicon Oasis Authority (DSOA) hosts one. Each of these centers is overseen by its own regulatory body. ADGM corresponds to the Financial Services Regulatory Authority, while the Dubai zones are under different agencies’ authority: The Dubai International Financial Centre is regulated by the Dubai Financial Services Authority (DFSA), while DMCC is directly under the nationwide SCA’s purview. Patchwork of regulations Current rules — quite naturally, in the light of the regulatory diversity — present a varied picture. For example, the DFSA started rolling out its rules as recently as 2021. According to them, any entity operating a crypto exchange should seek DFSA approval. At the moment, though, that regulation covers only those digital assets that qualify for “investment tokens” status. The DFSA intends to include cryptocurrencies and utility tokens in its framework at a later stage. At the same time, the SCA, which oversees DMCC and “onshore” UAE, provides a much more detailed framework titled “Crypto Assets Activities Regulation.” It contains a clear definition of crypto assets and applies to the majority of their forms. Overall, despite the need to navigate this regulatory diversity, the UAE appears to have a largely crypto-friendly legal environment. As Kokila Alagh, founder and CEO of Karm Legal Consultants, previously told Cointelegraph, “The regulations provided certainty and have opened new opportunities in the UAE, which makes SCA a progressive regulator in the global landscape.” In December 2021, news emerged that the Dubai World Trade Centre would become yet another zone of regulated digital asset activity, with rigorous standards for investor protection and Anti-Money Laundering and Counter-Terrorist Financing requirements in place. The major intrigue regarding the incoming federal legislation is whether it will successfully unify this patchwork of rules under one roof. A path to crypto oasis The UAE government started on its crypto-friendly course years ago. The first regulations for the digital asset sector were established back in 2018 in ADGM. The same year saw the nation put its “Emirates Blockchain Strategy 2021” into action, which was to use blockchain technology to “save time, effort and resources and enable individuals to conduct most of their transactions in a timely manner that suits their lifestyle and work,” according to statements made at the time by Vice President and Prime Minister Mohammed bin Rashid Al Maktoum. The initiative laid out some impressive goals, such as saving $3 billion per year in government paperwork spending and millions of work hours. The strategy came with several declarations of more specific intentions, including a blockchain-based vehicle lifecycle management system to be launched by Dubai’s Roads and Transport Authority and the creation of a blockchain-based business-to-business platform for local hotel operators and tourism companies. In November 2021, the United Arab Emirates’ postal operator announced it would be the first in the Middle East to issue nonfungible token (NFT) stamps, celebrating the federation’s 50th anniversary. Several months earlier, the UAE Central Bank revealed it would start trials of a national digital currency. The launch of a central bank digital currency project is a move often accompanied by a turn toward restricting decentralized digital currencies. In the UAE’s case, however, the announcement of a CBDC seemed to have little effect on the nation’s willingness to embrace private innovation. Why so friendly? Speaking to Cointelegraph, Brad Yasar, co-founder and CEO of automated liquidity pool aggregator EQIFi, described the UAE’s openness to crypto as a pragmatic approach taken by the country’s leadership to ensure the diversification of its sources of wealth: “The country’s historical reliance on commodities such as oil could be seen as a key driver behind its dive into digital assets. The government was quick to recognize the many benefits to be derived from digital assets for institutions and retail users, and so acted quickly to implement the necessary support measures in place to allow financial innovation to flourish.” Christian Borel, senior executive officer and branch manager at Switzerland-based SEBA Bank — which has moved to open a regional office in the UAE — highlighted the vast opportunities provided by the nation’s approach to financial regulation alongside the strategic geographical advantages: “The UAE has a number of features that position it as an ideal global hub for the digital asset and blockchain industry. It is ideally positioned in terms of existing business networks to take advantage of connectivity between the Middle East, Northern Africa, India and the West.” Both experts are optimistic about the nation’s digital asset prospects, with Yasar emphasizing the significance of the freshly proposed nationwide licensing system for virtual-asset firms. Borel expects the UAE to be “at the forefront of regulation in the industry,” anticipating that the new legal framework will be integrated into the country’s legal system within the next 12 months. As some major jurisdictions impose bans and severe restrictions on crypto, and as Europe and the U.S. tread slowly and carefully, the UAE is moving fast to become a place with clear, safe rules for the digital asset industry.
BITSTAMP:BTCUSD
by monicaagrizzi9
Thoughts on the current environmentThese are my comments from some conversations I had and I hope you like it :) It is a weird environment overall, as the market is pretty cheap, the derivatives markets are fairly well balance, on chain data & stablecoins paint a bullish picture for crypto... but in terms of TA and the overall psychology of the market, getting to anywhere between 20-28k & 1300-1700 at some point in 2022 is quite likely. I just have no idea when. In late Jan around 37.5k and 2600 I turned bullish in the short term as the market showed strength, it was very cheap and sentiment was really bearish. We are at a fairly similar situation now, only that we did have the pump up to 46k. To me that was always the key point we'd have to retest and as that was hit, the next one is 24k. The same way we perfectly filled the 32-33k CME gap and bottomed, we are going for that one too. In the short term however I see similar dynamics as people are scared, the market is cheap and we are bouncing at support. The price action of both crypto and stocks is telling me that yesterday's bottom was at 'do or die' level which means we've either bottomed now or if we go below that we'd go much lower. Who knows, maybe it's just temporary relief and we could go up by another 3-7% before reversing lower. In terms of the macro picture I think it is very unclear but also pretty clear. The global economy is turning into shit and tensions are rising. People aren't happy, be that inflation or mandates. To me unfortunately we will soon be reliving the period of 194x. Same way 1929 =2008, 1936-1938 = 2020-2022. Poor financial conditions have lead to the rise of authoritarianism, with governments scrambling to gain as much power, while people lose faith in them. There is too much debt and everyone is in a whole that is very hard to get out of. People are losing their minds and tensions then start to manifest internally and externally. Unfortunately history repeats itself and that's what we as traders/investors are doing, we need to learn from it as human beings are the same now as they were 10, 100, 1000, 10000 years ago. Nothing new under the sun. Like Su Zhu said in a tweet the other day twitter.com . This is one of the best tweets I've ever read and I truly mean it. So if that's the period we are in, what do we do? What could come next? Bond yields will go down in one way or another, while inflation stays high. For now we are at a point that bond yields are rising and have some room, until they come crashing down. The Fed will be forced to cut and to support the government. The Gov + Fed will have to do a lot of printing that will be met with very little resistance by the public. We'll be united against a common threat. And to be honest this is usually the only way out of this debt hole. Unfortunately a war and insane amount of currency debasement is the only politically viable way to reduce debt and do a reset. I hate the people who want to push for the 'great reset', but a reset is coming. It's a natural cycle, these always happen and they are usually not nice. But it's like the phoenix rising from its ashes. A rebirth. Now when I say bond yields will have to go down, I think it will be a combination of the Fed trying to keep them low, but also people chasing the safest and most liquid instruments. Most people in such a period won't want to take risks. Low bond yields = not many opportunities anyways. So then we have high inflation + no opportunities + disruptions + tensions + less freedom and so on. So of course we are in the right market. If the physical world is suffering and there could be wars here and there (I have no idea at what scale), then the digital one should be booming. With sanctions and accounts getting frozen, while governments do insane amounts of QE, this is the place to be. Make no mistake, they will come after us to some extend at some point, but as long as we try to preserve some privacy and keep our coins/tokens in our wallets, we might be safe and able to go to locations that we can protect our wealth. Now the issue is, how do we get there? How do interest rates go down again and the bull market resume? Well to be honest I currently feel like we are somewhere in Q4 2019 - Q1 2020 or Q3-Q4 2018. We are close to having a last major leg down, before a major leg up. One catalyst (rate hikes, higher inflation, war), I don't know what... that will lead to the final shakeout which will trigger a huge monetary & fiscal response. This fractal I've mentioned on my previous ideas is what I still expect. twitter.com This is great, but I completely disagree with one part: 'it is unwise to assume that Central banks will respond with more stimulus if inflation is rising'. At the current environment I am a disinflationist, but at the end of the day I know they will have to print. In the past it was banks that printed, but since 2008 banks aren't creating much money... The worse things get, they more risk averse they become. Now we are in a situation that is nowhere near like 1987, but more like 1940s and it something Lyn Alden has been talking about for quite some time. There are big differences from then to now of course, but the setup in terms of Governments - Central Banks - Banks is very similar. What people need to understand is that we are getting inflation mostly not because because of issues on the supply side, not so much by Fed & Gov actions. These issues could become worse, in an environment where banks aren't lending, there is too much debt, too much uncertainty, overvalued stock markets, ESG mandates and so on. The yield curve flattening so much is a sign that the Fed might not even be able to raise rates more than a couple of times, and that in 2023 they might be forced to cut. Think of it like this... Prices are going up and people aren't making enough money to keep up with inflation. The way things are going they won't be making much, so they need someone to give them money. Who are they going to ask for that money? The government. If prices are going up, they will demand more, something that could create an inflationary spiral. Except if, maybe, by creating a CBDC to control everything they will be able to control inflation. They want full control of the banking system and where people spend their money. For example if there is a shortage of milk, they might be like OK with your account you can only buy 1 litre / week. The majority of people think that vaccine passports are about reducing the spread and that them being used as a gateway for a CBDC is a conspiracy theory. Well in my country they already created an app called government wallet that can contain your ID + vaccine certificate. Wouldn't it be nice connect your bank cards + accounts in there and route all transactions through the government directly? It's been extremely clear that that's the goal. It is their belief, and it is possible, that by having total control over the monetary system they will control inflation. But at this stage, they will be forced to do something. Let's no forget they always printed/borrowed for wars. And let's no forget that in the case of a war, they won't care about inflation. They will shut down the debate about inflation as they have a bigger goal. Markets crashing + Russia going for Ukraine & China for Taiwan, and they will be nah, we'll raise interest rates. Let's not forget that they can't let markets crash completely. The eurodollar & US bond markets are screaming loud and clear : you raise rates a few times at best and then you go back to cutting. So if they have to save markets again and can't fight inflation, then it's time for Universal Basic Income as this is the last time they will only save markets and not ordinary folks. At the end of the day, the situation with passive investing and the whole structure of the system in general has gone too far. They can't do anything to fix it, and they most certainly aren't capable of fixing it. Replacing the old system with a new one won't be easy and there will many shocks along the way, but I have no doubt that crypto and commodities are the best place to be in this environment. End of rand😝
TVC:VIXEducation
by BitcoinMacro
1
2 Years UP 2 Years Down!?Do you believe we are now in a bear market? If so, Where are we heading to? This chart looks very dangerous to me and I hope everyone's developing a strategy to secure their bags in case we see a move to the lower 20ks or even the 10k-15k range. Anything is possible in this volatile market. I'm curious to hear the communities thoughts. Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect! Love it or hate it, hit that thumbs up and share your thoughts below! This is not financial advice. This is for educational purposes only.
by rnaofs
3
BTC Needs To Hold This Support!When looking at the chart above, you can see that BTC has managed to climb above support but in the past few days, it has sold off to the current support zone shown by the yellow line. It needs to stay above this line to remain bullish. If it does move below the line, the next area we need to watch is 32.9k. This area was the previous weekly low set a few weeks back and if we can remain above that zone, it is still bullish in my opinion. Let's watch closely. Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect! Love it or hate it, hit that thumbs up and share your thoughts below! This is not financial advice. This is for educational purposes only.
BITFINEX:BTCUSD
by rnaofs
Bitcoin + FED Meeting!When looking at bitcoin on the 2hr TF we can see that it has had a very bullish week. With the Super Bowl happening this weekend and a lot of people calling it the Crypto Bowl, many expect this to have a positive effect on bitcoin throughout the weekend. Now we hear that the FEDs have announced an emergency meeting for Monday 2/14/2020 which is right after the Crypto Bowl. The market seems to already be reacting to this news and I'm not surprised because the last time this happened, interest rates were raised right away. When these rates rise a bearish effect on the stock and crypto market usually follows. We're not sure where the selling pressure will end but I do believe if we can say above the 30ks it's a good sign. I've mapped a few support and resistance zones to keep an eye on. Set your stop-losses and always remember to take profit. Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect! Love it or hate it, hit that thumbs up and share your thoughts below! This is not financial advice. This is for educational purposes only.
BITFINEX:BTCUSD
by rnaofs
6
Bites Of Trading Knowledge For New TOP Traders #8 (short read)Bites Of Trading Knowledge For New TOP Traders #8 --------------------------------------------------------------- What is a Digital Asset Wallet? – A Digital Asset Wallet is a technology-based tool used to interact with a blockchain network. There are two types of wallets commonly grouped as software and hardware wallets. Alternatively, depending on their working mechanisms, they may also be referred to as “hot” or “cold” wallets. Digital asset wallets generate the necessary information to send and receive digital tokens (“tokens”) via blockchain transactions. Significant information contained in the wallet includes an “address”, an alphanumeric identifier that is generated based on the public and private keys. It is a specific location on the blockchain to which tokens can be sent to and it may be publicly shared with others. The private key should not be shared as it gives access to tokens held by the user, regardless of the type of wallet used. Digital assets essentially never leave the blockchain as they are just transferred from one address to another within the blockchain network. What is the difference between a “Hot” and “Cold” Wallet? – Digital asset wallets may be defined as “hot”, “warm” or “cold,” according to their working mechanisms or the way they operate. A hot wallet is any wallet that is continuously connected to the Internet. These wallets are easy to set up and enable funds to be readily accessible, making them convenient for users to transact. Centralized finance exchanges (CeFi) tend to provide their users with wallet technology to access their accounts, whereas decentralized finance exchanges and applications (DeFi) would require users to obtain a third-party wallet technology provider that allows them to connect to DeFi services. Cold wallets are not connected to the Internet and use a physical medium to store information offline, such as private keys, making them resistant to online hacking attempts. While less convenient, cold wallets serve as a safer storage option. RISKS AND OPPORTUNITIES FOR CORPORATES AND INDIVIDUAL INVESTORS – Portfolio Focused on Global Macro Strategies – Global macro strategies are used by funds to base their holdings on their overall economic and geopolitical analysis of various countries. Holdings may include long and short positions in various equity, fixed income, currency, commodities, and futures markets. These funds take longer-term directional views of markets and may not always hedge their positions, but could actively manage their fund to take advantage of what they see as short-term moves opposite to their main view. An individual investor with a long-term view of Brent crude oil who maintains long dated futures positions could consider using front or near month Mini Brent Crude Futures to actively take advantage of shorter-term retracements to certain price levels. TRADDICTIV · Research Team -------- Disclaimer: We do not provide investment advice, nor provide any personalized investment recommendations and/or advice in making a decision to trade. Before you start trading, please make sure you have considered your entire financial situation, including financial commitments and you understand that trading is highly speculative and that you could sustain significant losses.
ICESG:SDX1!Education
by traddictiv
Bitcoin long from $40,000? Only if Bitcoin truly is digital goldBitcoin has been often touted as digital gold. With Ukraine<>Russia tensions heightening we are seeing risk-off trades, with USD, JPY, Gold and Oil all appreciating. Bitcoin however has not yet appreciated. Price seems to be stabilising around the $40,000 mark, which may be an opportunity to go long. THIS DEPENDS ON ONE THING: IS BITCOIN DIGITAL GOLD? If bitcoin truly is digital gold, used for risk off returns than hypothetically we should see BTC appreciate. Ukraine tensions have been rising as fast as inflation (aha!), both of which should (again hypothetically) spur bitcoin higher. Unless of course Bitcoin isn't digital gold...
BITSTAMP:BTCUSD
by tomstewy
4
BTC 52k or 30k?BTC is and has been in a bearish trend. I went ahead and mapped out KEY support and resistance zones with the amount of % shown if it decides to move up or down. Since it's currently at support, I can expect to see a bounce here. If the bulls are strong enough, we can see a push to the next resistance, which is around the 52k area. If the bearish pressure continues, then we can expect a move to the 30k area! lets keep it simple and see. Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect! Love it or hate it, hit that thumbs up and share your thoughts! This is not financial advice. This is for educational purposes only.
BITFINEX:BTCUSD
by rnaofs
BTC HODL?When looking at BTC, we can see that it attempted to move higher but the bears gained control right away and pushed the price right back into the channel. You can look at my previous post and see. These levels are crucial and with this new covid variant, I wouldn't be surprised if we retest the 30ks again. I think there are too many institutions involved to see the price fall back to the 15k to 20k range but as long as you're smart with your entries, history shows in the end the price will always go higher, even if it takes a few years. HODL! Love it or hate it, hit that thumbs up and share your thoughts! Don't trade with what you're not willing to lose. Safe Trading, Calculate Your Risk/Reward & Collect! This is not financial advice.
BITSTAMP:BTCUSD
by rnaofs
4