News Updates December 07, 2022
1. Leading Swiss Bank Now offers Bitcoin, Ethereum, MATIC and LINK Trading. A leading Swiss private bank with $30B in AuM, Banque SYZ (Bank Syz) recently announced the launch of its “Syz Crypto” offering, which would see the Geneva-based firm provide its Swiss and international clients with digital asset services, including trading and custody.
At the launch of the offering, Bank Syz will support Bitcoin (BTC), Ethereum (ETH), Polygon (MATIC), and Chainlink (LINK), as revealed in an official press release published Monday.
The press release said Bank Syz had picked top platforms with a track record of premium trading services for its crypto trading offering. Its custody services will be powered by Swiss crypto custody provider Taurus which, with its Taurus-Protect custody solution, provides digital asset custody services for several banks and financial entities within Europe. Taurus already provides custody services to top banks such as Caceis and Sygnum Bank.
Bank Syz’s cryptocurrency offerings allow its clients to have exposure to four of the largest crypto assets in a properly regulated atmosphere which triggers a measure of investor confidence. According to the private bank, its expertise and regulatory stance ensure accountability and security for investors lacking in non-bank crypto entities.
“Thanks to our partnership with Taurus, we now offer our clients the convenience of accessing the digital asset world through a regulated custodian with strong investor protection and supervision. Syz Crypto also enables our clients to get a holistic view of their traditional and digital assets in their bank reporting,” Charles-Henry Monchau, Chief Information Officer at Bank Syz remarked, speaking on the development.
Cryptocurrencies Creeping into the Private Banking Sector
Bank Syz’s involvement in cryptocurrencies underlines the growing attention the industry has been receiving of late. Private banks, in particular, have been interested in digital assets since 2018 as they attempt to provide crypto services to their clients.
In July, Itaú, the largest private bank in Brazil, announced plans to introduce a tokenization platform that would convert traditional assets into tokens. Itaú also revealed that it would offer crypto custody services to its clients, as previously reported. In February, Italy’s leading private bank Banca Generali launched a service that provides clients with BTC trading and custody services.
It is worth mentioning that the top Swiss wealth managing entity Pictet Group said, in August, that cryptocurrencies have no place in private banking. Despite the remarks from the firm, digital assets are slowly creeping into the private banking sector, with a rapid surge in adoption, as banks such as Goldman Sachs, LGT, and a host of others show interest.
2. Bitcoin Rainbow’ indicator consolidates at lowest point as BTC aims to reclaim $17k.
Bitcoin (BTC) appeared poised to reclaim the crucial $18,000 support level after briefly breaching the $17,000 position, with bulls under pressure to show strength. However, the asset has since plunged below $17,000 as the broader crypto market sell-off continues.
Notably, the maiden cryptocurrency has been consolidating in recent weeks, mainly characterized by sideway price movement as investors look for possible indicators likely to define the next price action.
In this line, Bitcoincenter’s rainbow price chart is one of the tools investors use to monitor the prospects of Bitcoin’s price. The tool leverages colour bands that follow a logarithmic regression and reviews past performance to provide a potential insight into its long-term movements.
As of December 7, the Rainbow chart Bitcoin indicator had hit the lowest point under the ‘’Basically a Fire Sale’ level, represented by the colour blue. The asset has been consolidating at the position, having been stuck in the zone for several weeks.
The charts’ ongoing consolidation indicates that Bitcoin has found a bottom, facing the potential of rallying in the near future. In this line, as reported by Finbold, based on the two-week cross in Bitcoin’s moving average convergence divergence (MACD) that has recently occurred, the cryptocurrency could be preparing for a bottom and big rally soon.
It is worth noting that the last time Bitcoin hit the level was in March 2020 before embarking on a bull run that culminated in last year’s all-time high of almost $69,000.
Bitcoin price analysis
As things stand, Bitcoin is changing hands at $16,804, having corrected by about 1% in the last 24 hours. The weekly chart shows BTC’s price peaked at $17,300 on December 5.
At the moment, bears have more strength and sustained pressure on the $16,800 support could see Bitcoin drop further to around $16,400.
Bitcoin’s next price action
Notably, Bitcoin has consolidated below $17,000 as investors continue keeping tabs on risks related news likely to affect Bitcoin.
Besides the fallout from the FTX crypto exchange collapse, investors will be watching the inflation data set for December 13, considering that part of BTC’s poor performance has been tied to the prevailing macroeconomic factors.
3. Here’s When Analysts Think the Crypto Bull Market Could Finally Start.
Crypto analysts have been trying to assess the prices of top cryptocurrencies, like Bitcoin, to figure out when the bull market will start.
With the festive season approaching, crypto traders and investors can’t wait for a magic reversal of the market trajectory. The global crypto market cap still traded at $841.83 billion, posting a 1.41% decrease on the previous day.
With the crypto market cap still way below the key $1 trillion mark and Bitcoin price still governed by bears, here’s what some of the top analysts think about recovery.
From Wen Lambo to Wen Bull Market?
Wen Lambo is a term used by someone to mean when will they get rich by selling their crypto holdings. Now, as the crypto market cap trades 73% below its ATH, analysts are trying to find signs of a reversal.
A recent analysis from Crypto analyst bOnchain (@ghoddusifar) highlighted when the market drops to delta cap, the bull market will start. The analyst predicts that, historically, delta cap has been the market cap support for Bitcoin. The market cap of Bitcoin has not yet reached the delta cap.
Another CryptoQuant Analyst, IT Tech, believes that BTC is approaching the bottom of the cycle, looking at its Unspent Transaction Output (UTXOs). Notably, UTXOs over six months old take almost 90% of the realized cap. In the previous cycles’ sell-off, in Sept. 2015, and April 2019, this indicator reached over 70% and then started decreasing.
Predicting the Crypto Bull Run
Huobi founder Du Jun in a recent interview, said that a new crypto bull run could only take place after the next halving event. This is scheduled to take place in 2024.
The last halving took place in May 2020, then in 2021, Bitcoin made an all-time high above $68,000. Similarly, when a BTC halving event took place in 2016, BTC prices hit another record high the following year.
Pseudonymous analyst SmartContracter said that he believes the recent Bitcoin price appreciation is a corrective rebound. However, the BTC price is set to make a new low sub $15,000 into Q1 2023, where it can find a longer-term bottom.
Lastly, a recovery of the total DeFi total value locked, which currently sits near a two-year all-time low, can mark a recovery from the bear market.
The total value locked currently sat at $41.74 billion, 77% down from its Nov. 2021 all-time high. If a bull run does kick-in institutional flows in the DeFi space would rise, thus pointing towards the start of a bull market.
4. UK Regulator Is Firming Up Its Approach to Crypto Oversight
The Payment Systems Regulator will be looking at what happens if a crypto payment system goes wrong, PSR's Nick Davey told CoinDesk in an interview.
The U.K.’s Payments Systems Regulator is exploring how it can regulate the crypto sector, starting by looking at distributed ledger technology, said Nick Davey, a payment specialist at the agency.
The PSR, a fairly new regulator that became fully operational in 2015, would be authorized to regulate cryptocurrencies that are used for making payments if a proposed crypto-regulation bill called the Financial Services and Markets Bill becomes law. The bill is now being considered by Parliament.
“While we don’t expect to see digital currencies replacing traditional currencies in the immediate future, it’s important that innovation and competition in payments are balanced with strong safeguards to make sure people are protected when paying for things,” Davey, who advises the PSR, said.
5. "Deal of the Year": New Elon Musk Crypto Scam Targeting Twitter Users.
The Twitter followers of controversial tech billionaire Elon Musk have become the target of a new cryptocurrency scam, Bleeping Computer reports. While the social media platform is still teeming with bots promoting links to fake giveaway scams in the comments by impersonating crypto personalities, the newly discovered sham has come up with a slightly more sophisticated approach. Potential victims are being added to a "Deal of the Year" list that randomly targets those who follow Musk and his companies.
The fraudsters' goal is, of course, to trick users into parting ways with their crypto by clicking a link to a so-called "freedom giveaway."
Those who click the link will be redirected to a website that greets users with a quiz about Musk's companies. After completing the quiz, users are then encouraged to deposit a small sum starting from 0.02 BTC in order to receive 5,000 BTC. At press time, the wallet associated with the scam is empty, meaning that no one has taken the bait for now. However, similar scams with Musk have netted bad actors millions of dollars, according to earlier reports. Even though cryptocurrency scams have been around for years, major social media platforms have so far failed to implement a comprehensive solution for tackling them. On Monday, the legendary heavy metal band Metallica felt compelled to warn its fans about cryptocurrency scammers who are attempting to capitalize on the buzz surrounding their newly announced album and tour.
