News updates February 16, 2022
1. Bank of Russia Commences Digital Ruble Trials
The Bank of Russia (BoR) has announced the commencement of its Digital Ruble trials, making the most ambitious push for a functional Central Bank Digital Currency (CBDC) for the country.
The digital ruble platform is a new opportunity for citizens, businesses, and the state. We plan that for citizens, transfers in digital rubles will be free and available in any region of the country, and for businesses, this will reduce costs and create opportunities for the development of innovative products and services. The state will also receive a new tool for targeted payments and administration of budget payments,” said Olga Skorobogatova, First Deputy Chairman of the Bank of Russia.
2. Southeast Asia’s Largest Bank DBS to Launch Crypto Trading for Retail Investors
DBS, the largest bank in Southeast Asia by assets, is planning to launch cryptocurrency trading services for retail clients this year.
During the bank’s fourth-quarter earnings call Monday, CEO Piyush Gupta was asked whether DBS has any plans to expand its digital asset exchange and if there is a roadmap for rolling out digital asset trading for retail investors given the growth in that market.
3. China Says it Has Closed all Crypto Exchanges – But Traders, Miners May Still Be Active
The Chinese central bank – the People’s Bank of China (PBoC) – says that all crypto exchanges and peer-to-peer (P2P) trading platforms have now been closed down on the Mainland. But it appears the authorities are still fighting an ongoing struggle against crypto mining, with many advocates thought to have taken their operations underground.
4. Bitcoin at Ethereum Correct Gains, MANA and AVAX Rally
* Bitcoin price failed to clear the USD 45,000 resistance.
* Ethereum briefly climbed above USD 3,150, XRP struggles below USD 0.85.
* MANA and AVAX rallied over 11%.
Bitcoin price climbed above the USD 44,200 resistance zone, even spiked above USD 44,500, but it failed to continue higher. It is currently (04:05 UTC) correcting gains near USD 44,000 and might find bids near USD 43,500.
Meanwhile, most major altcoins are showing similar signs. ETH was able to extend its increase above the USD 3,150 resistance zone before correcting lower. XRP briefly spiked above the key USD 0.850 resistance zone. ADA is stuck below the USD 1.12 resistance level.
1) Bitcoin price
After a move above USD 44,000, bitcoin price was able to clear the USD 44,500 level. However, BTC struggled to rise further to USD 45,000. It faced sellers and recently corrected lower towards the USD 44,000 level. On the downside, an immediate support is near the USD 43,500 level. The next key support is near the USD 43,200 level, below which the price might dive to USD 42,200.
2) Ethereum price
Ethereum price remained elevated above the USD 3,000 pivot level. ETH broke the USD 3,150 resistance level before correcting towards USD 3,140 again. If it moves higher again, the next resistance could be near the USD 3,200 zone.
If there is a downside correction, the price might find support near USD 3,120. The next major support is near USD 3,050, below which the price could test USD 3,000.
3) ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) extended its increase above the USD 1.08 resistance zone. It even spiked above USD 1.10 but failed to clear the USD 1.12 resistance zone. On the downside, the USD 1.05 level is a decent support.
BNB climbed above the USD 425 and USD 432 resistance levels. It even spiked above the USD 440 level, but there was no test of the USD 445 resistance and the price moved towards USD 430 again. The next major resistance is at USD 450.
Solana (SOL) is consolidating gains above the USD 100 level. An immediate resistance is near the USD 105 level. The next key resistance is near USD 112, above which the bulls could aim for USD 120.
Dogecoin (DOGE) is still struggling below the USD 0.155 resistance. If there is a downside correction, the price could test the USD 0.142 level. Conversely, it might rise towards the USD 0.165 level.
XRP price managed to spike above the USD 0.850 resistance, but there was no upside continuation. A close above USD 0.850 is a must for more gains. If not, the price might decline towards USD 0.800
Other altcoins market today:
Many altcoins are up over 5%, including AVAX, MATIC, LINK, NEAR, ALGO, MANA, SAND, AXS, FLOW, GALA, GRT, and NEO. Out of these, AVAX is up almost 12% and trading above USD 93, increasing its weekly gains to 9%. MANA jumped 11% in a day, trimming its weekly losses to 5%, and is trading near USD 3.30.
Overall, bitcoin price is struggling to settle above USD 44,500. If BTC corrects lower, it might find support near the USD 43,500 and USD 43,200 levels in the near term. Conversely, it could rise towards USD 45,000.
On the upside, an initial resistance is near USD 44,400. The next resistance is near the USD 44,500 level, above which the price might test USD 45,000.
5. Bitcoin, Ethereum, Avalanche, and Stellar Daily Price Analyses – 15 February Roundup
* The global crypto market sees a bearish trend as it loses 13.19% in 24 hours.
* Bitcoin adds to its value after a rally and sees a growth of 1.25%.
*Ethereum, too, adds further to its value as it gains 3.99% in 24 hours.
* Avalanche and Stellar are both in the mood to add, gain 11.75% and 1.15%, respectively.
The global crypto market has been going through an anomalous trend as the top currencies are bullish while the rest of the market is in a bearish mood. The losses of 13.19% in 24 hours have affected the global market cap, but on the other side, currencies like Bitcoin, Ethereum, and other close following altcoins are in a mood to gain further value.
JP Morgan, a Wallstreet bank, has announced that it would be investing in NFTs. They have opened a lounge in NFT-based blockchain Decenterland. JP Morgan is aware of the opportunities, which is why it has announced this step. As these giants join the market, the competition will increase.
* Bitcoin, Ethereum, Solana, Shiba Inu: Price Analyses— 15 February Morning Prediction
*Bitcoin price analysis: BTC breaks $44,000, begins to reverse?
* Bitcoin, Binance Coin, Dogecoin, and NEAR Protocol Daily Price Analyses – 14 February Roundup
* Bitcoin price analysis: BTC looks to break higher, targets $44,000 next?
On the other side, the New York stock exchange has also given cues about building an NFT marketplace. It has filed for a trademark, indicating that it will soon launch its marketplace. As it happens, it will be a huge breakthrough in the market because of the mainstreaming of NFTs at this level.
Here is a brief overview of the market and performance of leading coins like Bitcoin, Ethereum, etc.
6. NON-FUNGIBLE TOKENS TO REPRESENT A MULTI-BILLION DOLLAR MARKET?
Non-Fungible tokens are unique and collectable items widely popular in the cryptocurrency industry. NFTs are the crypto assets that behave differently and offer opportunities for investors which cannot be exchanged with any token of the same type. They are similar to cryptocurrencies in terms of trade, stored or sold without a third party. Non-Fungible Tokens are mainly stored and operated on the blockchain.
Like virtual assets, they are resistant to thefts and are easily trackable and immutable. But what makes them different from crypto assets is that they are unique. They can’t be interchanged with any other NFT, all the NFTs of a project will differ somehow or the other no matter what. NFTs function like trading cards or collectables. The best part is these tokens can represent a wide range of digital things like music, art, real estate, any in-game item etc.
The world of Non-Fungible Tokens(NFTs) have provided digital artists with digital ownership of their Non-Fungibles Token art. They can not only showcase their art on the internet but can also evolve and grow with them.
1) THE EMERGENCE OF THE NON-FUNGIBLE TOKENS:
The concept of Non-Fungible Tokens is now trendy, but it has existed for a long time now. Kevin McCoy minted the first NFT in May 2014, a digital artist who minted an NFT called Quantum. And only last year, in November, this Unique art piece got sold in a Sotheby auction for a value of approx $1.4 million. And in the following years, several experiments took place, and with the launch of the Ethereum platform, NFTs got a good position and began to popularise. Several projects like CryptoPunks, CryptoKitties, etc. Now the space has ample projects to choose from. And with the prominence of Metaverse and NFT gaming in the current times. The NFTs concept has made a significant position in the crypto industry.
2) THE EMERGENCE OF THE NON-FUNGIBLE TOKENS:
The concept of Non-Fungible Tokens is now trendy, but it has existed for a long time now. Kevin McCoy minted the first NFT in May 2014, a digital artist who minted an NFT called Quantum. And only last year, in November, this Unique art piece got sold in a Sotheby auction for a value of approx $1.4 million. And in the following years, several experiments took place, and with the launch of the Ethereum platform, NFTs got a good position and began to popularise. Several projects like CryptoPunks, CryptoKitties, etc. Now the space has ample projects to choose from. And with the prominence of Metaverse and NFT gaming in the current times. The NFTs concept has made a significant position in the crypto industry.
3) NON-FUNGIBLE TOKENS ON BLOCKCHAIN TECHNOLOGY:
Most of the significant NFT projects are primarily based on the Ethereum Blockchain.
ERC-721 is the standard that acted as the first and most popular interface for the creation of the NFTs. It allows the trading and issuance of NFTs on the Ethereum blockchain. The blockchain facilitates the developers to program smart contracts and store details about their creations. Hence, when users exchange these NFTs, they interact with these contracts.
There are other blockchains like Flow, which is designed explicitly for Non-Fungible Tokens. Blockchains like Solana, Tezos, etc., also allow the creation of NFTs.
4) FEATURES OF NON-FUNGIBLE TOKENS:
* Interchangeability: NFTs are unique and cannot be interchanged with any NFT of the same type.
* Data Storing: NFTs can store data. They can be a wide range of things like gaming, utilities, music composition, intellectual property, real estate, digital artwork etc.
* The technology used: Non-Fungible Tokens are built using Blockchain technology via smart contracts.
* Value Transfer: Transferring tokens is easier using direct transaction or swap technologies to other Ethereum accounts.
* Ownership: NFTs have a particular owner, and values are different because all NFTs are treated as different. Non-Fungible Token art is also becoming popular now.
5) RISKS ASSOCIATED WITH NON-FUNGIBLE TOKENS:
* Because Non-Fungible tokens don’t have a specific definition and can represent a wide range of things, they can have legal and regulatory challenges. Also, because they don’t have a specific regulatory platform.
* There are risks of unstable prices because they are generally valued based on their owners and buyers, on how they perceive them or their scarcity.
*Maintenance of NFTs becomes a challenge sometimes because Smart Contracts are not entirely resistant to hacks and frauds.
*These NFTs might be created uniquely, but Fake NFT marketplaces can replicate non-Fungible Token art or their logos. Illicit users can also fake themselves as real artists.
* The concept is still at its early stages, and there are no precedent use cases. Hence, all the information about them is yet to be unveiled completely.
