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Cryptocurrecny Market Update: Bears take the revenge, Bitcoin on the verge of deeper sell-off

  • The cryptocurrency market is under selling pressure with Bitcoin and all major assets in red.
  • BTC/USD is trading below the critical support area with bearish momentum gaining traction.

The cryptocurrency market has been sinking in the sea of red as Bitcoin and all major altcoins have been losing ground rapidly on Thursday. Tezos (XTZ) is a notable exception from the pack. The coin has gained nearly 3% of its value in recent 24 hours. while other assets out of top-20 have been nursing losses ranging from 3 to 8%.The cryptocurrency market capitalization dipped to $231 billion, while an average daily trading volume reduced to $87 billion. Bitcoin’s market dominance settled at 65.8%.

Bitcoin (BTC) price update

The largest cryptocurrency by market capitalization dropped below the key support created by 50% Fibo retracement at $8,450. The downside momentum is gaining traction with the next strong support registered as lo as at $8,000. At the time of writing, BTC/USD is changing hands at $8,330, down nearly 4% on a day-to-day basis.

BTC/USD 1-hour chart

Ethereum (ETH) price update

Ethereum stopped within a whisker of January 20 low registered at $161.11. The second-largest is changing hands at$161.30, off the intraday low of $161.22. ETH/USD has lost about 3.5%  since the beginning of the day.  From the short-term perspective, the coin is moving within a strong bearish trend tend amid expanding volatility. The nearest support is created at $161.00, while resistance is registered at $166.70. It is created by a combination of 1-hour SMAs.

ETH/USD 1-hour chart

Ripple’s XRP price update

Ripple retreated to $0.2250 after an attempt to settle above $0.2300 during early Asian hours. XRP/USD has lost over 4.5% since the beginning of Thursday, moving in sync with the market. The short-term trend is bearish.

XRP/USD 1-hour chart

Despite the carnage, so,e of the less prominent assets are doing well. Below is the best-performing altcoin out of top-100

  • Centrality +64.5% ($0.0920)
  • Swipe +17% ($1.8)
  • Nervos Network +15.5 ($0.0062)

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Cryptocurrency

Japan’s Financial Authorities Discuss A National Cryptocurrency

Financial and monetary authorities in Japan are accelerating the process of creating their own digital currency. The Ministry of Finance, the Bank of Japan, and the Financial Services Agency have held an undisclosed number of meetings to establish a clear vision before eventually launching a central bank digital currency (CBDC).

Japan Prepares For A Bank-Backed Cryptocurrency

A recent local report informs about the meetings held by the BOJ, the FSA, and the MOF. Per the document, the country’s most prominent financial authorities discussed the potential merits and drawbacks of launching a digital currency.

They believe that a central bank digital currency (CBDC) could strengthen Japan’s online presence due to lower costs for cross-border financial transactions and easier access. However, the monetary authorities bring out possible illegal usage, as well. According to them, digital currencies could create opportunities for money laundering and other financial crimes.

The report notes that the vice minister of finance for international affairs, Yoshiki Takeuchi, FSA vice-minister for international affairs Ryozo Himino, and BOJ executive director for international affairs Shinichi Uchida attended the last meeting. Among all topics, they discussed how a digital currency would impact the current dollar-centered global financial system.

BOJ Gov. Haruhiko Kuroda believes that launching a CBDC needs more extensive research to comply on various requirements:You Might Also Like:

  • Japan To Release Cryptocurrency Proposal Friday To Counter China’s Digital Yuan
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  • we are advancing research and study from the technical and legal perspectives so that we will be able to move in an appropriate way when there is a growing need.”

Japan’s Activity For a CBDC

Earlier this month, Japan noted that it would release drafted proposals for the creation of a CBDC. The move appeared as a direct response to China’s advancements in this area. Norihiro Nakayama, a senior lawmaker of the country’s ruling party, explained that Japan needs the U.S. if it wants to compete adequately:

“Without the U.S., we cannot counter China’s efforts to challenge the existing reserve currency and international settlement system.”

Cryptopotato also reported another upcoming collaboration. The central banks of Japan, Britain, Sweden, Switzerland, and the Eurozone will enter a dedicated group. Its primary purpose is to examine potential need cases for launching their own cryptocurrency.

In any case, many central banks are getting more and more serious in terms of digital currencies. Just yesterday news came that Sweden is already testing a national cryptocurrency.

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Andrew Yang: “I Would Not Rule Out Running For Office Again.”

  • Just after the end of his campaign for the United States presidency, Andrew Yang said the following “see you back in New York.”
  • Yang is one of the biggest crypto advocates in the world.
  • “I would certainly not rule out running for office again.”

Just after the end of his campaign for the United States presidency, Andrew Yang said the following “see you back in New York.”

Many people in the cryptocurrency industry saw a flash of light from Yang as he ran for the presidency this year. Unfortunately, he isn’t going to get into office however, it’s not going to stop him in his political endeavours. Yang is one of the biggest crypto advocates in the world, especially in his position running for the presidency – which would’ve been a massive feat for the industry. He highlighted cryptocurrency and blockchain as a big thing in his campaign, which was great for many enthusiasts.

The progressive ideas that Yang has when it came to the universal basic income furthered his campaign out of obscurity and into the spotlight last year. Despite this, he was unable to match the support of other Senators such as Bernie Sanders or Elizabeth Warren in the Iowa caucuses a few weeks ago. Even though there were several setbacks, Yang said that he wanted to get involved in local elections when he returns to returns to New York.

“I would certainly not rule out running for office again.”

It will be interesting to see how this situation plays out and whether Yang will try his luck at the presidency in the next election. For more news on this and other crypto updates

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Unregulated Cryptocurrency Bookmakers Are A Threat, Says Hong Kong Jockey Club Executive

The unregulated cryptocurrency bookmarkers are becoming a significant threat in the gambling world, said Hong Kong Jockey Club executive, Tom Chignell. He warns that such markets provide more room for race-fixing, and authorities should monitor and act accordingly.

Unregulated Cryptocurrency Bookmakers Pose A Threat

Hong Kong Jockey Club is one of the oldest racing establishments in the country. Its executive manager of racing integrity and betting analysis, Tom Chignell, recently spoke about the current state of the industry. More specifically, he outlined illegal betting supposedly taking place on some unregulated cryptocurrency bookmakers:“We’re looking at a new emerging but vastly expanding cryptocurrency market, with some website specializing on horse racing globally, not just in Hong Kong. They are actually offering fixed-odds betting across the globe.

They are not obliged to report suspicious betting and corruption to racing authorities. They are an emerging threat which we are closely monitoring.”

He also added that match-fixers prefer avoiding regulated establishments and search for other options.

Additionally, he believes that “trainers stopping horses from winning and betting on them to lose on the illegal market” is the most significant integrity threat in the industry.

Authorities Need To Step Up

Chignell noted that those unregulated markets require little-to-none verification processes. Therefore they open the door for illegal activities. He also said that such bookmakers do not have to report on any “suspicious betting, cheating, jockeys betting, breaches of the rules of racing.”You Might Also Like:

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  • Isreali Banks Should Offer Services to Crypto Businesses, According To Attorney General

In Chignell’s opinion, the situation can improve only when local and global authorities raise their standards and requirements:“The most essential [step] is to have a robust integrity function that must include bet monitoring and betting analysis, an active intelligence function … and having the ability to investigate and disrupt where appropriate.

With the active intelligence function, it’s got to have those confidential reporting channels, so those interested in keeping racing clean have the opportunity to report on corruption and suspicious activity.”

Douglas Robinson, another executive from Jockey Club, believes that local regulators might not be sufficient enough in this manner. While addressing the complex issue yesterday, he urged governments to take serious action, as well.

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