Author: StanNordFX   |   Latest post: Wed, 15 Mar 2023, 10:35 AM


CryptoNews of the Week

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- Robert Kiyosaki, author of the bestseller Rich Dad Poor Dad and entrepreneur, has once again called for investing in gold, silver and bitcoin amid problems with US banks. In his opinion, regulators will print “even more counterfeit money” to save the “sick economy”. “Take care of yourself. Crash landing is ahead,” Kiyosaki wrote.
Kiyosaki made his announcement amid the recent collapse of major US banks Silicon Valley Bank (SVB) and Signature Bank, which were taken over by the Federal Deposit Insurance Corporation. The latter, together with the Treasury and the US Federal Reserve, said that SVB and Signature Bank depositors will have access to all funds in full. In addition, the Fed announced the creation of the Bank Term Funding Program for banks that may face similar problems (BTFP). $25 billion will be allocated for this purpose. Interestingly, both of these banks were actively used by cryptocurrency companies as fiat gateways.

- Aggressive rate hikes by the Fed and balance sheet cuts have led to bank failures in the US. According to a number of experts, this has become an excellent advertisement for bitcoin, the rate of which is expected to skyrocket. Observers draw parallels to the 2013 Cyprus crisis, which highlighted the shortcomings in the fractional reserve system and drew attention to decentralized hedging as opposed to centralized banking.
“The 18th largest bank [SVB] has collapsed. We have learned how a record sell-off in US Treasuries resulted in billions of dollars of unrealized losses in the banking sector. Thus, we have received another example of the fact that a fractional reserve system has no savers, but only creditors,” writes The Bitcoin Layer.

- Bitcoin reacted with a bullish rally to the news that the US authorities provided liquidity to rescue depositors of Silicon Valley and Signature banks. Market analyst Tedtalksmacro called this move by the Fed the beginning of unofficial quantitative easing. Former BitMEX CEO Arthur Hayes was even more blunt: “Get ready for a rally in risk assets. Money Printer Launched! - he wrote. - Helping the depositors to burst banks means injecting money into the economy, from which liquidity was only withdrawn during the year. This is a great fuel for risky assets.”

- After the aforementioned bankruptcy of these two banks, the BTC rate jumped by more than 30%. This made market participants think again about the potential of cryptocurrency as a tool for capital protection. Meanwhile, CNBC Mad Money host Jim Cramer continued to criticize the cryptocurrency industry. In the latest episode of his show, he expressed his skepticism regarding the coin's latest price rally. The host also called bitcoin a "strange animal". In his opinion, cryptocurrencies are secretly manipulated by large financial institutions and wealthy investors. “Please don’t think that everything happens by itself,” Cramer warned the audience, adding that he never believed in bitcoin.

- The US Treasury has called for the introduction of an excise duty for mining companies in the amount of 30% of the cost of electricity consumed. This is stated in the Green Book of the department. The tax is planned to be introduced in stages over the next three years, increasing by 10% each year. In addition, miners will be required to report how much electricity and what power they use. The new excise is expected to reduce the total number of mining devices in the US.
Another provision concerns individuals. The US Treasury is proposing that people with foreign financial accounts holding more than $50,000 worth of cryptocurrencies report those assets on their tax returns. Among other things, the agency is discussing the possibility of assessing the market value of digital assets and is proposing to expand the rules for securities lending to include cryptocurrencies.

- Gracy Chen, CEO of Bitget, one of the largest crypto exchanges, has revealed the content of her investment portfolio. “I have a cryptocurrency portfolio. About 41% is in BTC and ETH, 38% in USDT and USDC, 12% in BGB (this is the Bitget platform token). The rest is small amounts in such altcoins as BLUR, SHIB/DOGE, MANA/SAND, DODO, AVAX, YFI. I look forward to buying more BGB and BTC when the price drops. I have some NFTs, but they are not avatar pictures. I bought artistic NFTs, for example, VR paintings by French artist Anna Zhilyaeva. They are exclusively for my personal collections and not for speculation,” she admitted.
According to Gracy Chen, ethereum will face increased volatility and a pullback in the next 2-7 months after a short-term market rise. Due to the lack of external liquidity, as well as the fact that current investors are more speculative, in the medium term, the ethereum price may move in the range from $1,200 to $2,000. “Capital inflows into the cryptocurrency market will begin to increase ahead of the bitcoin halving. ETH is expected to reach strong resistance in the $2,400-$3,500 range in 2024,” the expert believes.

- The US Federal Bureau of Investigation (FBI) has warned of scammers who create fake mobile gaming apps and use them to steal crypto assets. Criminals position their apps as blockchain games based on the Play-to-Earn concept. Attackers contact victims online and invite them to play online games where players can be rewarded in crypto assets for certain actions (Play-to-Earn). For example, for growing crops on a virtual farm.
To take part in the game, victims need to download the game app, create a cryptocurrency wallet and buy assets. The more funds a user keeps in their gaming account, the greater their reward will be in the game, the scammers convince. When users stop topping up their account, criminals empty their wallets with malware that is activated when the game is downloaded.

- US Congressman Tom Emmer has once again opposed the launch of the state cryptocurrency. According to him, the digital dollar can be "easily weaponized" and used to spy on US citizens and to "crush politically unpopular activities."
The congressman noted that the cryptocurrency economy worries the US authorities, as it “takes power from centralized government institutions and returns it to the people.” Therefore, the idea of a controlled state cryptocurrency is becoming increasingly popular with regulators and law enforcement agencies.

- Henrik Zeberg, a trader and well-known macro analyst, has assessed the correlation between the US unemployment rate, the NAHB housing index, the stock market index and cryptocurrencies. The expert has noted the frightening similarity of the current scenario with the crisis of 1929, and has added that the markets are approaching an economic collapse that will drag on for several years. According to him, all markets were "extremely overheated, and the next recession could be much more serious than in 2007-2009." According to the analyst, the cryptocurrency market will also be hit very hard, and many digital coins will not withstand the pressure.
Zeberg has presented a forecast for a macroeconomic recession based on the Elliott wave theory. According to the study, wave 4 could reach its maximum level in early 2024. After that, large financial markets will be doomed to collapse. The specialist has emphasized that all attention should be focused on the economic performance of the third and fourth quarters of 2023, which could be the last bullish period of this market cycle.

Notice: These materials are not investment recommendations or guidelines for working in financial markets and are intended for informational purposes only. Trading in financial markets is risky and can result in a complete loss of deposited funds.

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