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The Central Committee of the Chinese Communist Party (CCP) expels a top provincial official after investigations suggest unlawful emgagement with crypto mining activities among other abuse of power.
The Central Commission for Discipline Inspection (CCDI) alleged that Xiao Yi, former vice-chairman of the Chinese People’s Political Consultative Conference from Jiangxi province abused his state-backed administrative powers to undermine the political principle of “two maintenance,” which relates to CCP’s notion of firmly maintaining the authority of the party:
“[Xiao Yi] violated the new development concept, abused power to introduce and support enterprises to engage in virtual currency “mining” activities that do not meet the requirements of the national industrial policy.”
Xiao’s termination was directly related to his involvement in introducing and supporting enterprises to engage in virtual currency mining activities. In addition, the Chinese government found Xiao guilty of abusing his influence to allow illegal profit-making activities including raising funds for projects and construction and accepting bribes. According to a translated version of the CCDI report:
“Xiao Yi seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, and constituted a serious job violation and was suspected of taking bribes and abusing power.”
As a result, Xiao Yi was expelled from his position as a Chinese government official in addition to having his property and illegal income seized for review and prosecution.
The latest crypto ban in China has forced the thriving crypto community — including Bitcoin (BTC) and crypto miners and exchanges — to shift to countries with crypto-friendly jurisdictions.
In similar efforts, China’s biggest in-house crypto exchange, Huobi, has also acquired new licenses in Gibraltar. As Cointelegraph reported, the Gibraltar Financial Services Commission authorized the Chinese exchange to begin moving its spot-trading operations to affiliate Huobi Technology (Gibraltar) Co. According to Jun Du, CEO of Huobi Group:
“The worldwide cryptocurrency sector is moving toward regulated growth. […] The business must recognize the significance of aligning its activities with the trend.”
Bitcoin (BTC) could still crash to $29,000 and lower, but price action is “healthier” than a week ago, the latest research concludes.
In a fresh market update on Friday, analysts at trading suite Decentrader said that BTC price action is finally showing “green shoots of optimism.”
After a difficult week in which BTC/USD dipped to just under $33,000, market analysis is now focusing on the likely outcomes of the rangebound behavior seen over the past few days.
For Decentrader, there is reason to be cautiously optimistic now where there was none a week ago.
“We believe that the current derivatives landscape shift and this extremely negative sentiment backdrop does increase the potential for at least a near-term relief bounce,” analysts summarized.
The reason lies in factors that had previously not fully “reset” as price action declined, notably the structure of derivatives markets. These include open interest declining toward less speculative levels, along with deepending negative funding rates.
As Cointelegraph explained, negative rates correspond to overall market sentiment calling for fresh losses — often perfect conditions for an upward price shift.
“We are now also beginning to see meaningful buyers step in, which is driving a potential change in the higher time frame trend from bearish to bullish,” the market update added about the additional positive pressure on the available BTC supply.
Selling overall, while uncharacteristic of bull markets, hints that those behind it are taking losses.
Going forward, the outlook for support is a bounce zone at $29,650, something tha would itself only come into play should several other areas above $30,000 fail to hold.
To the upside, meanwhile, resistance lies between $38,850 and $39,700, Decentrader said, followed by a significant “empty” patch to $47,900 and then $53,400.
“Support remains for now at $32,700 though there is some argument to suggest that price reached that level with Monday’s wick falling just $300 short of it,” the update reads.
“Beyond that level, the next support is just shy of $30k, at $29,650 leaving the door open for a potential sub-$30K liquidity grab.”
Sentiment, in line with funding, continues to stay in “extreme fear,” as per the Crypto Fear & Greed Index, this now rivaling the 2018 bear market trough and the March 2020 coronavirus crash in terms of record-breaking length.
Flushing Financial Corporation, the parent company behind New York-based Flushing Bank has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin (BTC) services to its customers.
The bank was founded in 1929 and according to its Q4 report it held more than $8 billion worth of assets at the end of 2021, with a net income of around $200 million.
According to an announcement, the partnership with NYDIG will enable the bank to offer its customers BTC buying, selling and holding services in a “safe and secure environment.”
Flushing Bank stated that it aims to launch its BTC-related services later this quarter and will divulge further details of its roadmap soon.
Flushing Financial Corporation CEO and president John R. Buran attributed the firm’s BTC adoption play to its desire to keep up with growing trends in financial markets:
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.”
On the banking front and credit union front, NYDIG states that it has more than 35 partnerships in the sector, including deals with Five Star Bank, Idaho Central Credit Union, STAR Bank, U.S. Bank and NYMBUS to name a few.
NYDIG Chief Innovation Officer Patrick Sells stated on Jan. 25 that the firm is paying significant attention to partnering with traditional financial institutions as it’s “ready to show the world that banking is better with Bitcoin.”
Sells highlighted a growing demand for crypto exposure via organizations that users are already familiar with:
“Our research is clear; consumers want Bitcoin and they want it through the banks and credit unions they already trust.”
The firm has also been steadily growing its mainstream presence via partnerships with top sporting organizations such as the NBA’s Houston Rockets, along with Luxury Automobile Dealer Post Oak Motor Cars.
Bitcoin (BTC) price continues to flash mixed signals, raising uncertainty among investors and negatively impacting asset prices across the market.
Data from Cointelegraph Markets Pro and TradingView shows BTC price pinned below $36,000 and even though crypto and equities markets underwent a brief relief rally on Wednesday, comments from the recent FOMC meeting appear to be settling in as investors internalize the fact that interest rate hikes are on the way.
Here’s a look at what analysts and traders are saying about Bitcoin’s most recent price action and the macroeconomic factors impacting the wider crypto market.
The long-term range-bound trading that BTC has been in since early 2021 was addressed by Mike McGlone, Senior Commodity Strategist for Bloomberg Intelligence, who posted the following chart and asked, “What ends Bitcoin, Ethereum range trade?
According to McGlone, the key to escaping the current range are the “bullish fundamentals” that back the underlying strength of Bitcoin.
“By the rules of economics, a market with rising demand and declining supply will go up over time, suggesting that Bitcoin may be forming a bottom again around $30,000 as $60,000 resistance ages.”
A deeper analysis on the impact of Wednesday’s Federal Reserve meeting was provided by Bilal Hafeez, CEO and head of research at Macro Hive, who noted that the tone of the meeting “turned out to be more hawkish than expected.”
Hafeez pointed to the decision by the Fed to raise the inflation forecast as a sign that the central bank has realized that “they need to be more hawkish than before,” and he highlighted Powell’s comments that “this cycle would be different to the last cycle, which suggests faster hikes than before.”
With that being said, Hafeez indicated that the Fed “has not decided on a path yet,” and noted that Powell “didn’t give much additional information on quantitative tightening except that it would operate in the background.”
“Overall, the Fed is comfortable with equity and risk markets selling off as it tightens financial conditions and so could reduce inflation. Bond yields have risen after the meetings, equity and crypto markets have given back gains. The Fed continues to add downside risks to risky markets.”
The near-term outlook for BTC was briefly touched upon by derivatives traders and pseudonymous Twitter user ‘Crypto McKenna’, who posted the following chart and stated that “BTC price action is about to get very boring.”
“No trade season for the next 10-20 days in my opinion.”
Despite this projection for near-term weakness and sideways price action, the long-term outlook continues to brighten for multiple reasons, as noted in the following Tweet from crypto analyst Will Clemente.
Bitcoin price weakness because of risk-off behavior while fundamentals strengthening: Intel creating mining chips, Russia looking to get involved in mining, Goldman Sachs bullish, Google partnership w/ Coinbase, El Salvador Bond.
Hard to think asymmetry is to the downside.
— Will Clemente (@WClementeIII) January 27, 2022
The overall cryptocurrency market cap now stands at $1.663 trillion and Bitcoin’s dominance rate is 41.5%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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