Crypto News Headlines (17-Feb-2022)

While the country is still in the process of establishing a framework for cryptocurrencies in the country, crypto-affiliated businesses continue to thrive.

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The best example of it is Swyftx one of the fastest-growing crypto exchanges in the country. And while it continues expanding its user base of over 500k users, its partnership with NRL will allow it to be more visible among the mainstream audience.

As per the deal, the sponsorship that comes from the crypto exchange will be used during the League’s Men’s Games as well as for Women’s games.

Along with it the finals, State of origin, and the All-Stars games will be supported by the partnership.

In line with the same, NRL’s Chief Executive Andrew Abdo stated,

“We’re excited to welcome Swyftx as a major partner. Swyftx is an Australian business that operates on a global scale and there are unique ways for our partnership to benefit both organizations.”

Through this deal, Swyftx’s name will be visible on the LED signage in the stadiums and it will also make the crypto exchange a naming sponsor for NRL’s decision board along with the ‘Swyftx Bunker’ to be introduced in 2023.

A popular cryptocurrency analyst is predicting that a layer-1 smart contract altcoin will reach a new all-time high before Bitcoin (BTC) and Ethereum (ETH).

Pseudonymous crypto analyst Smart Contracter tells his 204,800 Twitter followers that Avalanche (AVAX) could be the first crypto asset ranked among the top-20 largest by market cap to reach a new record high.

Avalanche is a smart contract-enabled blockchain focused on speed and low-cost transactions. According to Smart Contracter, Avalanche’s downward spiral has ended after several months.

“Multi-month downtrend break on that daily close for AVAX.

I reckon this will probably be the first top 20 coin to make a new all-time high, well before BTC and ETH do in my opinion.”

The Financial Stability Board is the latest regulator to issue a warning on cryptocurrencies.

In a report published Wednesday, the financial body identified “vulnerabilities” in emerging crypto markets that it said raise the risk of financial instability worldwide. It studied vulnerabilities within three segments: “unbacked” assets such as Bitcoin, stablecoins, and DeFi platforms and other crypto trading venues. It pointed to the rapid growth of areas like DeFi and noted that the global cryptocurrency market cap rose to $2.6 trillion in 2021 (the market cap for the asset class in fact topped $3 trillion and is now closer to $2 trillion today). If this growth continues, the Financial Stability Board said, it “could have implications for global financial stability.”

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Andreessen Horowitz general partner Arianna Simpson discusses the top trends in web3 that she’s been watching as steward of the venture capital firm’s $2.2 billion fund for crypto investments.

Russian Finance Minister Anton Siluanov said Wednesday that banning crypto in Russia would be like “banning the internet.”

The warning comes as Russian policymakers debate crypto regulations, with the central bank calling for tight restrictions and the finance ministry seeking a looser approach.

“The Central Bank wants to put an outright ban on crypto assets, arguing that this creates risks, primarily for citizens and can ‘infect’ financial institutions, banks as well as create an opaque settlement market,” Siluanov said at a briefing, per Forbes Russia. “This is the same as banning the internet, which is impossible.”

He has said more accommodative crypto rules would allow the government to track the market and expand the nation’s economy. Meanwhile, the Bank of Russia wants a ban on crypto issuance, trading and information on those services, according to Forbes. Financial firms also would be allowed to own cryptocurrencies.

The chairman of the Senate Banking Committee said cryptocurrencies should not be considered a “legitimate form of money” following a flurry of Super Bowl ads promoting the digital assets.

Sen. Sherrod Brown’s remarks came during a hearing Tuesday on stablecoins. The Democrat argued that the government should implement increased regulations against the digital currencies because they are often rife with “fraud, the scams, and outright theft.”

Although the majority of the crypto top 100 was underneath a red wave, there were a few exceptions, which managed to surf above this.

These include NEO, and THETA which were up between 4-8% respectively, however, today’s most impressive bull was AVAX.

The price of avalanche (AVAX) rallied for a third consecutive session, with today’s surge taking AVAX into the top ten crypto’s by market capitalization.

AVAX/USD rose to its highest level since January 12, hitting an intraday peak of $97.05 in the process.

Although, as prices hit the recent resistance of $97.10, profit-takers began to liquidate their positions, which led to avalanche falling from its high.

The profit-taking came as price strength found some resistance, with the 14-day RSI hitting its ceiling of 62, an area which has halted bullish momentum in the past.

A closely followed crypto strategist is mapping out potential price paths for Bitcoin’s (BTC) surge to $58,000 amid an uncertain macroeconomic backdrop.

In a new strategy session, pseudonymous analyst Cred says three macro factors are impacting investor sentiment in the crypto markets.

The first factor is the Federal Reserve’s hawkish stance which involves the potential tapering of asset purchases and the raising of interest rates to combat inflation. Cred also mentions the growing tensions between Russia and Ukraine and the energy crisis in Europe.

While Cred says uncertainty is the current narrative, he believes there are two scenarios where Bitcoin can still pull off a strong rally.

Says the crypto analyst on the first bullish script,

“In terms of bullish continuation longs, I would need to see a breakthrough that confluence and those confluent levels of resistance [$43,000 – $47,100] and that would need to happen at least on the weekly timeframe… Strength through resistance and either you get a very shallow pullback I would expect before a push toward the range high [$58,000].  

Or a kind of impulsive breakthrough. You get a period of consolidation and then it doesn’t [give] you another pullback and go straight up.”

For quite some time now, FATF’s Travel Rule has been a top concern within the crypto industry as virtual asset service providers (VASPs) have been told they need to comply with the regulatory policy. As cryptocurrency has grown more popular, FATF has been releasing guidelines on the Travel Rule, as the intergovernmental organization believes the rule needs to be applied to VASPs.

Essentially, the ‘Travel Rule’ is a descriptive label for the regulatory guideline that aims to curb illicit transactions and money laundering. The rule mandates that all companies that deal with finances have to pass on KYC/AML transmission data concerning their customers’ identities to the next financial institution. The transfer amount tied to FATF’s Travel Rule has a threshold that’s equal to $3,000 or higher.

In a blog post published on Wednesday, Coinbase explains that it has crafted a new plan called TRUST with a slew of other well known VASPs. “Travel Rule Universal Solution Technology” or the TRUST collaborative effort includes VASPs such as Robinhood, Fidelity Digital Assets, Tradestation, Zero Hash, Bittrex, Coinbase, Gemini, Avanti, Circle, Bitflyer, Zodia Custody, Paxos, Anchorage, Symbridge, Bitgo, Kraken, Blockfi, and Standard Custody & Trust.

Ross Nicoll, a core developer of the shiba inu-memed cryptocurrency dogecoin, said he is stepping away from the project, citing “overwhelming” stress and a potential conflict of interest.

The developer will remain as an adviser but is “handing over everything [he] can to the Dogecoin Foundation,” he said in a blog post Wednesday.

Nicoll said he is stepping away “primarily [because] the stress involved is overwhelming.”

“There is a further complication that my employer for my day job is moving into the blockchain space, leading to a risk of conflict of interest if I remain as a director,” he added. Nicoll is a software engineer at Google.

The Dogecoin Foundation, which also boasts Ethereum co-founder Vitalik Buterin as an adviser, was re-established in August last year, having initially been set up in 2014 before being dissolved as it became inactive over time. The foundation’s aim is to support dogecoin’s development through advocacy, governance and trademark protection.

“I have confidence in their ability to steer Dogecoin into the next phase, in a way that I do not have the mindset for,” Nicoll said.