Today’s Crypto Market Updates – Feb 15th

byZero Gravity/February 15, 2022/inCrypto Market Updates, Crypto News

A daily round-up of the most important news stories within the cryptocurrency market, including regulatory updates and daily data analysis.

Crypto Market Shows Stability But Expect Some Macro Headwinds – A Glassnode Report

Glassnode’s weekly newsletter on 14th Feb shows that the Long-Term Holder supply has been constantly holding onto a sideways trend – with a total supply held of about 13.341 million BTC. The data shows an equal degree of LTH spending to the degree of coin maturation, indicating a resilient cohort of HODLers.

Miners have also displayed an exceptional preference for holding BTCs as their balances have climbed in aggregate since the beginning of 2022.

At the same time, there is investor uncertainty around the crypto market with the expected rate hikes proposed by the Federal Reserve. In derivative markets particularly, the price signals indicate that investors may prefer protection in order to protect themselves against the upcoming storm clouds on the horizon.

The Glassnode data suggests a strong preference for put option protection if we look at the open interest distribution for the 4-March contract. Clearly, the crypto market is striving to strike between the $38,000 and $40,000 range.

Bitcoin Recovers Losses; And Must Clear A Critical Resistance Level for A Fresh Rally

After extending the decline below the key support level of $42,000, Bitcoin’s price has started a decent recovery wave and is trading above $43,000 against the US dollar at the time of writing. The cryptocurrency has also broken the $43,500 resistance zone, however; a resistance at $43,800 was seen on the 100-hour SMA chart as Bitcoin continues to move between the $45,000 to $45,700 price range.

The BTC/USD technical data further indicates that the market players continue to wait for some spark in momentum that can push the price of Bitcoin above the $50,000 mark. The trading range of $41,500 and $43,000 over the past few days suggests that traders are less optimistic about the short-term prospect of Bitcoin, mainly due to the increasing tension at Ukraine’s borders

Uncertainty Around Laws Continues to Hang Over Indian Crypto Community

Yesterday, in a keynote address at the Indian Banks Association, the Deputy Governor of Reserve Bank of India, T Rabi Sankar, put cryptocurrencies in the same category as Ponzi schemes.

He shares that “cryptocurrencies are not amenable to definition as a currency, asset or commodity; they have no underlying cash flows, they have no intrinsic value – all these should be reason enough to keep them away from the formal financial system.”

Most of his reasoning revolved around “no intrinsic value” of cryptocurrencies and that they “were developed to curb the financial regulation system”. He also argues that “Bitcoin is built on a weird mix of speculative greed bolstered by a utopian cyberlibertarian ideology and likened it to a digital gold rush”.

Coming from the DG of the Central Bank of India, these comments are indeed worrisome for the Indian crypto community. However, yesterday, during a press conference, the FM of India said the government and the RBI are “on board and discussing the issues of cryptos and regulation”.

SEC Claws Into DeFi – Charges BlockFi and May Tap Into Wonderland

The US Securities and Exchange Commission has charged the DeFi lending protocol, BlockFi, with $100 million as the company failed to register its retail crypto lending products with the government. BlockFi also violated the registration provision of the Investment Company Act of 1940.

This case might be the first-of-its-kind action seen by the DeFi industry, particularly with respect to the crypto lending platforms. In an attempt to settle the charges, BlockFi has agreed to pay the penalty of $100 million and agreed to cease its unregistered offers and sales of the lending product.

While SEC hasn’t yet asked for an inquiry on Wonderland, experts are of the opinion that the protocol could bring trouble for the whole decentralized finance (DeFi) ecosystem. If you are unaware of what’s happening with Wonderland, continue reading:

In January, it was revealed by an on-chain sleuth that Wonderland’s treasury is under the control of a convicted felon, Michael Patryn – who was also the co-founder of the fraudulent former Canadian crypto exchange QuadrigaCX.

The Wonderland’s Treasury aka PCV (Protocol Controlled Value) uses a multisig scheme for security, which is largely unilaterally managed by Patryn and Sestagalli (founder of Wonderland).

Though SEC isn’t involved so far, the whole case of Wonderland could become an entry point for SEC to tap into the DeFi, possibly to explore the sector and understand whether it should be put under the Investment Act of 1940.

Canada Cracks Down on CrowdFunding Platforms – Blocks Crypto Aids, Too!

In an attempt to stop the ongoing protest “Freedom Convoy”, Canadian authorities have taken a different approach aiming to stop the funding aiding the blockades, including transactions in digital currencies.

Chrystia Freeland, the finance minister of Canada, announced yesterday that the government is undertaking strict financial measures under which Canadian banks can freeze accounts suspected of funding the riots, as well as suspend insurance on vehicles taking part in the protest. These changes involve all kinds of transactions, including cryptocurrencies.

Disclaimer:

The information discussed here is not financial advice. This is for educational and informational purposes only. DYOR before making any investments and consult your financial advisor. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

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; Cointelegraph @Cointelegraph ·

8 May 1655644988175437824

According to a report from The Wall Street Journal, Chinese companies are studying methods to develop AI via weaker semiconductors and combinations of chips to bypass reliance on a single type of hardware.

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; The Founding Monkey @Gav_Berry ·

29 Apr 1652281882002718720

People seem to be forgetting that BTC.D generally increases in a bear market not a bull market.

In bull markets Alts out-perform #bitcoin and in bear market Alts capitulate harder than #Bitcoin

Don’t be so sure that an explosion on BTC.D means an explosion for #Bitcoin

99.9%… https://twitter.com/i/web/status/1652281882002718720

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649391607798480897

Research shows that only a few #NFT projects will survive, those with Utility and those that are building vigorously throughout the Bear Market.

Fortunately we very much tick both of these boxes.

#Crypto Twitter, you have been warned on multiple occasions.

Tag your friends… https://twitter.com/i/web/status/1649391607798480897

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649384569567625216

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; 🐒The Social Monkey🐒 @G_DMMC_83 ·

17 Apr 1647998662629261312

@crypto_bitlord7 @Gav_Berry is a 💎

Never fade @DrunkenMonkey

Very big things are already here, not all professionals are aware of the services owning a membership has.

Yet

I’m surprised you don’t own a few digital assets to be fair bro

🌍 http://www.drunkenmonkeyclub.com

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; The Founding Monkey @Gav_Berry ·

16 Apr 1647705698040414212

As this bear-market rally finally comes to a close, we have one last episode, and that is the bear market Alt season…

Stables > #Bitcoin > #Ethereum #Altcoins > Stables….

Remember the pattern…

Tight stop-losses, Let’s go 🚀

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; The Founding Monkey @Gav_Berry ·

4 Apr 1643345006214762502

ETH 2.0 Shanghai upgrade (Thread)

Liquidity Staking Derivatives (LSDs)

Here is the story - (1)

Most will be aware of the #ETH 2.0 and the #Shanghai upgrade which comes to fruition on April 12th. 18 million ETH will become unlocked on April 12th, will this cause a sell-off?… https://twitter.com/i/web/status/1643345006214762502

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; Pomp 🌪 @APompliano ·

1 Apr 1642261068012564482

True entrepreneurs can figure out how to make money in any industry

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642217548966969344

Your typical #Crypto #FuckedBoy

Tag a friend… 🫴🏼

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642209366043492362

The last time #Bitcoin tested the $29,000 resistance level on quarterly closing was Q4 2020.

The last time USDT.D had a bearish engulfing quarterly candle, taking out the 2 previous quarters, was (you guessed it) Q4 2020.

On both occasions this USDT.D bearish engulfing candle… https://twitter.com/i/web/status/1642209366043492362

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Crypto Prices

Bitcoin

$27,158.02

BTC 0.19%

Ethereum

$1,905.70

ETH 0.80%

Binance Coin

$306.32

BNB -0.19%

Cardano

$0.38

ADA 0.00%

Dogecoin

$0.07

DOGE 0.83%

XRP

$0.52

XRP 1.57%

Polkadot

$5.29

DOT 0.72%

Uniswap Protocol Token

$5.09

UNI 0.45%

Solana

$21.20

SOL 0.24%

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Today’s Crypto Market Updates – Feb 15th

A daily round-up of the most important news stories within the cryptocurrency market, including regulatory updates and daily data analysis.

Crypto Market Shows Stability But Expect Some Macro Headwinds – A Glassnode Report

Bitcoin Recovers Losses; And Must Clear A Critical Resistance Level for A Fresh Rally

Uncertainty Around Laws Continues to Hang Over Indian Crypto Community

SEC Claws Into DeFi – Charges BlockFi and May Tap Into Wonderland

Canada Cracks Down on CrowdFunding Platforms – Blocks Crypto Aids, Too!

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Today’s Crypto Market Updates – Feb 15th

A daily round-up of the most important news stories within the cryptocurrency market, including regulatory updates and daily data analysis.

Crypto Market Shows Stability But Expect Some Macro Headwinds – A Glassnode Report

Bitcoin Recovers Losses; And Must Clear A Critical Resistance Level for A Fresh Rally

Uncertainty Around Laws Continues to Hang Over Indian Crypto Community

SEC Claws Into DeFi – Charges BlockFi and May Tap Into Wonderland

Canada Cracks Down on CrowdFunding Platforms – Blocks Crypto Aids, Too!

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