Category Archives: Cryptocurrency
The crypto market bears the scars of FTX’s collapse – Reuters
Oct 3 (Reuters) - The global cryptocurrency market remains badly scarred following the tumultuous collapse of crypto exchange FTX and other big players last year, with crypto prices, volumes and venture capital investment well below their 2021 peaks.
Sam Bankman-Fried, the former CEO of FTX, stands trial in New York on Tuesday, charged with seven counts of fraud and conspiracy stemming from the exchange's abrupt collapse in November 2022. He has pleaded not guilty.
FTX was one in a series of industry meltdowns that sent bitcoin crashing to its lowest price since 2020. While bitcoin and other major tokens have partially recovered, the sector remains far from the fever pitch it hit in late 2021.
Here are five charts that show how the crypto landscape has changed.
Bitcoin, by far the biggest cryptocurrency and the chief barometer for crypto market sentiment, has bounced back about 37% since Nov. 1.
The cryptocurrency was riding high in 2021, hitting a record $69,000 in November that year. But as central banks began to hike rates in early 2022, riskier assets like cryptocurrencies began to feel the pain as investors sought better returns elsewhere.
Bitcoin lost more than 65% of its value last year, pummeled by the collapse of stablecoin terraUSD, which led Singapore hedge fund Three Arrows Capital to file for bankruptcy and caused wider havoc in crypto markets.
Several other companies also collapsed, but the fall of FTX pushed bitcoin under $16,000 in November last year. Bitcoin took another hit earlier this year when Silvergate Bank, a popular U.S. partner for crypto companies, said it would shut down.
Still, bitcoin has regained almost three-quarters of its value this year on interest from major financial firms including BlackRock and hopes that interest rate hikes are ending. It was trading on Monday at around $28,089.
"The FTX debacle came at the end of an annus horriblis that had already seen a tech sector collapse, sharply higher interest rates and self-inflicted industry wounds," said Ben Laidler, global markets strategist at eToro.
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After peaking at $3 trillion in November 2021, the value of the overall crypto market plummeted through 2022, hitting a two-year low of $796 billion as FTX imploded. It has since clawed back some ground, hovering above $1 trillion most of this year.
"The issues with FTX have undoubtedly hit confidence in the crypto ecosystem at large," said Usman Ahmad, CEO of Zodia Markets, the crypto exchange of global bank Standard Chartered (STAN.L).
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Known for its volatility, bitcoin has gained some stability this year.
Yet the relative calm in crypto markets is not necessarily a good thing, said some market participants, noting that many investors are attracted to crypto precisely because of its volatility, which offers opportunities to make quick profits.
"We expect low to medium volatility over the near-term," said Anders Kvamme Jensen, founder of crypto firm AKJ.
Venture capital (VC) investments flooded into crypto during its boom year of 2021, and even through 2022. But such bets have slowed considerably this year, after many firms were burnt by the market meltdown.
U.S. VC crypto investments totaled $6.12 billion in the first quarter of 2022, but slumped to just $870 million in the same quarter this year, according to data firm PitchBook.
"This slowdown wasn't primarily due to the failure of FTX but was already underway with the collapse of the [terraUSD] ecosystem earlier in the year," said Robert Le, senior crypto analyst at Pitchbook.
"Venture investors are now proceeding with caution," he added.
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Since FTX failed, crypto trading volumes have collapsed, causing traders that had been attracted to the market's strong liquidity to pause buying and selling tokens, or exit the market altogether.
In September 2023, total monthly volumes across spot and derivative markets fell to $1.4 trillion, down more than 60% from September 2022, according to London-based researcher CCData. Spot markets bore the brunt, with volumes down more than 70% at $272 billion.
Derivative volumes, meanwhile, have fallen by 60% to $1.1 trillion in the 12 months since September 2022.
"The exit of some large market makers post-FTX significantly reduced liquidity which has led to both low trading volumes and low volatility," said Noelle Acheson, an economist who closely follows crypto.
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Reporting by Hannah Lang in Washington and Elizabeth Howcroft in London; Additional reporting by Tom Wilson in London; Editing by Michelle Price and Andrea Ricci
Our Standards: The Thomson Reuters Trust Principles.
Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.
Reports on the intersection of finance and technology, including cryptocurrencies, NFTs, virtual worlds and the money driving "Web3".
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The crypto market bears the scars of FTX's collapse - Reuters
Hong Kong needs a clearly defined and well communicated cryptocurrency tax regime – South China Morning Post
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According to a recent study by foreign exchange education platform Forex Suggest, Hong Kong is the most cryptocurrency-ready jurisdiction in the world because of its long history as a regional centre of trade and commerce, its favourable tax regime, the large number of cryptocurrency ATMs and businesses operating in the blockchain and related industries in the city.
Hong Kong has no capital gains tax, and only frequent cryptocurrency trading is treated as income, which is then subject to profits tax, capped at 16.5 per cent.
Around the world, billions of dollars in income go unreported annually in digital asset trading. In the US, which imposes capital gains tax on the sale of cryptocurrency and income tax on cryptocurrency mining, the standard tax form now asks whether the individual has engaged in virtual currency transactions.
The European Union passed legislation in April that will require the tracing of cryptocurrency transactions. India has a 30 per cent tax on cryptocurrency profits and also requires exchanges to deduct a 1 per cent tax on transactions above a certain amount and pay that tax to the central government.
It is clear that cryptocurrencys adoption into the tax system has been hindered by several challenges. One issue is the anonymous nature of cryptocurrency transactions, which complicates government tracking and regulation. Furthermore, the diversity and constant evolution of cryptocurrencies make it challenging for governments to stay abreast of all developments.
A significant portion of the population also lacks a clear understanding of the mechanisms and regulations related to cryptocurrency, which can impede its effective use. Even though the Organisation for Economic Cooperation and Development has developed a framework for the exchange of cryptocurrency-related information between countries, its full-scale implementation still awaits further regulatory efforts. Moreover, the rapid changes in the cryptocurrency sector can make it difficult for government agencies to keep up.
To navigate these challenges, policymakers could initiate several measures. A starting point would be to clearly define the tax implications of cryptocurrency use. Concurrently, they could launch educational campaigns to inform the public about the significance of fulfilling tax obligations on cryptocurrency earnings and provide insights into the workings of digital currencies. For example, cryptocurrency tax calculators are now available for some jurisdictions.
These actions could facilitate safer use of cryptocurrencies, ensuring they are integrated into the economic system in a manner that is beneficial to all parties.
Professor Haitian Lu and Dr Sirui Han, Policy Research Centre for Innovation and Technology, Hong Kong Polytechnic University
Hong Kongs talent gap may be more evident in industries such as healthcare, the biosciences, information technology and artificial intelligence. Enticing people to work in these and other industries facing a shortage of local talent should be the main focus.
But I have observed that some of those so-called top talent under categories B and C of the scheme took on jobs that locals could handle, such as administration, marketing, human resources and even insurance. This would affect local fresh graduates who are looking for jobs.
When reviewing new applications or visa renewals, the government should consider professional necessity rather than just where the applicant earned their degree.
Chloe Hui, Yuen Long
We are inundated by junk calls for which we have to pay roaming charges if we answer them when travelling. If we do not answer, the call gets diverted to ones voice mail and then one is charged as the call is completed. So is the answer then to disable ones voice mail?
Why should a consumer have to choose between inconvenience (disabling voice mail) and paying for incoming roaming calls, thereby making the telecoms companies richer. Surely this is not something the government would like to encourage.
Narayan Mulchandani, Repulse Bay
The captain of the Hong Kong Golf Club said, We have a world-class golf course but it is only used as a public park. What is the point? I say, We have a huge swathe of land but its only used to serve a very small group of privileged people. What is the point?
Ringo Yee, Tuen Mun
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Hong Kong needs a clearly defined and well communicated cryptocurrency tax regime - South China Morning Post
Hong Kongs crypto power players applaud Web3 regulation after JPEX scandal – South China Morning Post
Hong Kongs cryptocurrency executives are applauding the governments approach to regulating the virtual asset sector and are pushing for greater public education, as the city continues to deal with the fallout of an alleged fraud involving cryptocurrency platform JPEX that has resulted in HK$1.5 billion in losses.The Hong Kong government has taken the correct approach in its commitment to the future growth of Web3 by developing clear and consistent regulation to govern the digital assets economy, 10 cryptocurrency industry executives, including Animoca Brands co-founder Yat Siu, said in a joint statement published on Thursday.
They have taken notice of the situation at JPEX, and wish to express their unambiguous support for the governments strict and swift enforcement actions towards firms that violate the citys regulations, the letter reads.
Hong Kong cryptocurrency trading platform JPEX has in recent years attracted a large number of retail investors by putting up advertisements in the citys busiest locations, claiming to be a licensed exchange that offers yields as high as 20 per cent.
Hong Kong JPEX cryptocurrency scandal: police arrest 6 more suspects
Expressing support for further public education, the 10 executives said in their letter that the SFC should work with the cryptocurrency industry.
We recommend that the government work with the Web3 industry to educate the public by providing realistic examples of blockchain scams and fraudulent schemes, similarly to the existing measures in place to educate the public about telephone frauds, they wrote.
The Hong Kong Licensed Virtual Asset Association, a new organisation launched in May headed by Lawrence Chu, chairman of Venture Smart Financial Holdings, also said earlier this week that it aims to contribute to the efforts to raise public awareness of the opportunities and risks brought by virtual assets.
The association will help new enterprise entrants into the space and the public stay up-to-date on the latest regulatory, technological and market developments, it said.
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Hong Kongs crypto power players applaud Web3 regulation after JPEX scandal - South China Morning Post
Cryptocurrency scam masterminds to be produced in court today – The Tribune India
Our Correspondent
Palampur, October 8
Masterminds of the multi-crore cryptocurrency scam Hem Raj and Sukhdev, who were arrested from Gujarat last week, will be produced in a local court tomorrow by the special investigation team (SIT) formed by the state government.
The first FIR pertaining to the scam was registered at the Palampur police station. The accused allegedly cheated people of over Rs 18 crore by promising them to double their money by investing in cryptocurrency.
A senior police official said the accused were nabbed with the assistance of the Gujarat Police from a farmhouse at Bhojda village in Gir Somnath district of that state.
They hail from Mandi district and their network was spread across the state. Hem Raj and Sukhdev were the key architects of the scam, he said. The third mastermind of the scam, Subhash Chand, was still absconding.
The police have already identified their assets and investments. Victims of the scam have been requested to come forward to report their cases to the SIT, he added.
The scam has been going on for the past five years. The fraudsters initially launched Korvio Coin or KRO. They had promised substantial returns by charging only the activation fee. Later, they utilised three-four other cryptocurrencies to dupe people.
#Gujarat#Palampur
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Cryptocurrency scam masterminds to be produced in court today - The Tribune India
W-Pay: Transforming the World of Cryptocurrency. The Wirex Secret Weapon $WXT. – Yahoo Finance
Ras Al Khaimah, UAE --News Direct-- Wirex
We are excited to announce a huge milestone at Wirex, the introduction of W-Pay! A revolutionary technology poised to transform the landscape of cryptocurrency transactions.
In the cryptocurrency ecosystem, Wirex remains at the forefront of innovation. W-Pay is a testament to our commitment to pushing boundaries and enhancing the cryptocurrency experience for our users.
W-Pay harnesses the power of cutting-edge Zero-Knowledge technology, providing a swift and secure platform for cryptocurrency transactions. This breakthrough ensures that users can perform transactions with confidence, knowing that their assets are protected by state-of-the-art security measures.
One of W-Pay's standout features is its seamless integration with the Ethereum Virtual Machine (EVM). This compatibility opens doors to a broader range of digital currencies, facilitating a more versatile and accessible cryptocurrency ecosystem.
While W-Pay represents a significant leap forward, we recognize that innovation is an ongoing process. Our dedicated team is continuously working to enhance the technology, making cryptocurrency transactions more transparent, secure, and user-friendly.
As we embark on this exciting journey, we look forward to sharing more updates and insights about W-Pay's integration into our platform. We believe that this development will not only elevate Wirex's standing in the cryptocurrency world but also redefine how users engage with digital assets.
At Wirex, we are not merely introducing a new technology, we are revolutionizing the way users interact with cryptocurrency. With W-Pay, we are shaping the future of digital finance, and we invite you to join us on this transformative journey. Stay tuned for more updates as we continue to pave the way for a more accessible and secure cryptocurrency experience.
Wirex Global Services FZ-LLC
Pavel Matveev
View source version on newsdirect.com: https://newsdirect.com/news/w-pay-transforming-the-world-of-cryptocurrency-the-wirex-secret-weapon-wxt-390514911
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W-Pay: Transforming the World of Cryptocurrency. The Wirex Secret Weapon $WXT. - Yahoo Finance
Cryptocurrency Market is estimated to be US$ 2431.77 million by … – GlobeNewswire
Covina, Oct. 04, 2023 (GLOBE NEWSWIRE) -- According to Research Report Cryptocurrency Market size accounted for US$ 817.56 million in 2020 and is estimated to be US$ 2431.77 million by 2030 and is anticipated to register a CAGR of 11.5%
Report Overview:
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. Unlike traditional fiat currencies issued by governments and central banks, cryptocurrencies operate on decentralized networks based on Blockchain technology.
Cryptocurrencies are gaining acceptance as a legitimate asset class and a means of payment. More businesses, financial institutions, and individuals are adopting cryptocurrencies for various purposes. Institutional investors, such as hedge funds, asset managers, and corporations, are increasingly entering the cryptocurrency market space. Their involvement brings legitimacy and liquidity to the market.
Recent Key Highlights of Cryptocurrency Market:
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Report Scope & Segmentation:
Analyst View
Clearer regulatory frameworks for cryptocurrencies are being developed by governments and regulatory organizations. More participants may enter the market if regulations are clear since it gives them a sense of legitimacy and security. With the ability to offer financial services to unbanked and under banked people all over the world, cryptocurrencies are likely to gain popularity in places with poor access to traditional banking infrastructure.
What are the Popular Cryptocurrencies?
The most popular cryptocurrencies include Bitcoin (BTC), known as the pioneer and digital gold, Ethereum (ETH), recognized for its smart contract capabilities, and Ripple (XRP), which operates both as a platform and a currency. These cryptocurrencies have significant market presence and diverse use cases within the digital economy.
What are the emerging trends in cryptocurrency trading, including decentralized finance (DeFi) and non-fungible tokens (NFTs)?
In cryptocurrency trading, emerging trends include the rapid growth of decentralized finance (DeFi) platforms, where users participate in activities like liquidity farming and decentralized lending. Non-Fungible Tokens (NFTs) have gained traction, allowing digital ownership of art, gaming assets, and real-world items. Scalability solutions like Layer 2 technologies improve transaction speed and reduce fees. Cross-chain trading is on the rise, enhancing Blockchain interoperability. Additionally, there's a heightened focus on regulatory compliance and the development of environmentally sustainable cryptocurrencies, reflecting the market's dynamic evolution.
Who are the major players in the Cryptocurrency Market?
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Possibilities for Growth:
Continued advancements in AI, IoT, and blockchain technology offer diverse applications in various sectors, driving growth in innovative solutions.
The focus on renewable energy, energy storage, and sustainable practices fuels growth, meeting global demands while promoting environmental consciousness.
Telemedicine, biotechnology breakthroughs, and digital health platforms are transforming healthcare, offering growth opportunities in a technology-driven healthcare landscape.
E-commerce platforms, digital payments, and FinTech innovations continue to expand, providing convenient services and driving growth in the digital economy.
EdTech platforms and online learning tools are reshaping education, offering growth avenues in the digital education sector.
Electric vehicles, autonomous technology, and smart infrastructure initiatives are revolutionizing transportation, creating growth opportunities in the mobility sector.
Here are Some Key Questions on Cryptocurrency Market:
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Cryptocurrency Market is estimated to be US$ 2431.77 million by ... - GlobeNewswire
WPI Voyagers Present: Blockchain Technology and the Future of … – WPI News
REGISTRATION COMING SOON - SAVE THE DATE
Join WPI Voyagers on November 1 for an in-person presentation on the advances in FinTech (the intersection of finance technology and sustainability), blockchain technology and the future of cryptocurrency in light of recent industry collapses.
WPI Business Schools FAB Lab team (Fintech, AI, and Blockchain Lab for Social Good)
Robert Sarnie is a Professor of Practice in FinTech for The Business School. Rob joined WPI from Fidelity Investments, where he spent 23 years in the finance industry, holding multiple executive leadership positions including VP of Strategy and Planning, VP Human Resource Systems, and VP Finance, Procurement, and Accounting Systems. Rob also held positions in the public and private sectors for companies in the manufacturing and nonprofit industries.
Rob is also extremely focused on collaborating and advancing the fintech ecosystem by being the Director of the WPI Fintech Project Center, Co-PI of the WPI FAB Lab for Social Good, and by being one of the leaders of the Talent, Academics, & Diversity workstream within Mass Fintech Hub.
Daniel Treku, is an Assistant Teaching Professor for blockchain-related courses, business intelligence, and data science at WPI's Business School. His ongoing research lies at the intersection of network technologies (such as blockchain technology), digital platforms, data analytics, and fintech (AI-, cryptocurrency- and NFT-related, and ESG).
Wednesday, November 1, 2023 at Higgins House
Refreshments and beverages provided.
WPI Voyagers programming is open to members and the on-campus community (alumni, faculty and staff age 55+) with an interest in learning more about the organization. View the website for upcoming programming and additional details.
FinTech for Inclusivity, Growth, and the Future - October 19-20 on Campus
The WPI Business School and the Future Finance and Economics Association (FFEA) are proud to host their inaugural conferencethe first time FFEA will offer a conference event in the United States.
This event aims to bring together an international group of academics and practitioners who are actively conducting research in the fields of finance, management, and related disciplines, as well as practitioners and policymakers, to generate debates on current issues of sustainability, FinTech, and digital finance.
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WPI Voyagers Present: Blockchain Technology and the Future of ... - WPI News
Cryptocurrency Price Today: Bitcoin Sees Gains As Trust Wallet Token Becomes Top Gainer – ABP Live
Bitcoin (BTC) and Ethereum (ETH) two of the most valued crypto coins managed to remain above the $27,000 and $16,000 marks, respectively, on early Sunday morning. Other popular altcoins including the likes of Litecoin (LTC), Solana (SOL) landed in the negative as overall prices saw minor losses across the board. Trust Wallet Token emerged to be the biggest gainer, seeing a 24-hour jump of over 13.12 per cent. Avalanche (AVAX), on the other hand, turned out to be the biggest loser.
At the time of writing, the global crypto market cap stood at $1.09 trillion, registering a 24-hour loss of 0.04 per cent.
Bitcoin price stood at $28,999.53 seeing a 24-hour gain of 0.22 per cent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 24 lakhs.
ETH price stood at $1,635.80, marking a 24-hour loss of 0.43 per cent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.39 lakhs.
DOGE registered a 24-hour loss of 0.22 per cent as per CoinMarketCap data, currently priced at $0.06149. As per WazirX, Dogecoin price in India stood at Rs 5.2161.
Litecoin saw a 24-hour loss of 0.05 per cent. At the time of writing, it was trading at $65.87. LTC price in India stood at Rs 5,700.00.
XRP price stood at $0.5226, seeing a 24-hour loss of 0.29 per cent. As per WazirX, Ripple price stood at Rs 45.0413.
Solana price stood at $23.51, marking a 24-hour loss of 1.74 per cent. As per WazirX, SOL price in India stood at Rs 2,040.23.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Trust Wallet Token (TWT)
Price: $1.0524-hour gain: 13.12 per cent
dYdX (DYDX)
Price: $2.0824-hour gain: 4.21 per cent
VeChain (VET)
Price: $0.0171324-hour gain: 2.14 per cent
Filecoin (FIL)
Price: $3.4124-hour gain: 2.00 per cent
Stacks (STX)
Price: $0.521124-hour gain: 1.99 per cent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Avalanche (AVAX)
Price: $10.4324-hour loss: 5.78 per cent
THORChain (RUNE)
Price: $1.7324-hour loss: 3.95 per cent
GMX (GMX)
Price: $38.4324-hour loss: 3.89 per cent
Conflux (CFX)
Price: $0.127224-hour loss: 3.41 per cent
Sui (SUI)
Price: $0.442424-hour loss: 2.84 per cent
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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Cryptocurrency Price Today: Bitcoin Sees Gains As Trust Wallet Token Becomes Top Gainer - ABP Live
Cryptocurrency Price Today: Israel-Hamas War Paints The Market Red, BTC Remains Under $28,000 – ABP Live
Bitcoin (BTC), the worlds oldest and most valued cryptocurrency, failed to rise above the $28,000 mark over the weekend as popular altcoins including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC) landed in the reds across the board. The stymying of price growth is largely caused due to the ongoing Israel-Hamas conflict. However, the CoinMarketCap Market Fear & Greed Index stands at 45, which means investors are choosing to remain neutral for the time being, to see how things develop before taking any drastic calls.
The global crypto market cap stood at $1.09 trillion at the time of writing, registering a 24-hour dip of 0.47 percent.
Bitcoin price stood at $27,939.49, registering a 24-hour loss of 0.23 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.91 lakh.
ETH price stood at $1,634.72, marking a 24-hour dip of 0.09 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.39 lakh.
DOGE registered a 24-hour loss of 0.90 percent, as per CoinMarketCap data, currently priced at $0.06095. As per WazirX, Dogecoin price in India stood at Rs 5.22.
Litecoin saw a 24-hour loss of 1.13 percent. At the time of writing, it was trading at $65.08. LTC price in India stood at Rs 5,520.10.
XRP price stood at $0.5193, seeing a 24-hour dip of 0.61 percent. As per WazirX, Ripple price stood at Rs 44.60.
Solana price stood at $23.27, marking a 24-hour loss of 1.04 percent. As per WazirX, SOL price in India stood at Rs 1,962.74.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Lido DAO (LDO)
Price: $1.6124-hour gain: 2.33 percent
Tether Gold (XAUt)
Price: $1,860.2824-hour gain: 1.17 percent
MultiversX (EGLD)
Price: $24.5024-hour gain: 0.94 percent
IOTA (IOTA)
Price: $0.156524-hour gain: 0.90 percent
Algorand (ALGO)
Price: $0.101124-hour gain: 0.89 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Avalanche (AVAX)
Price: $9.9724-hour loss: 5.18 percent
Zcash (ZEC)
Price: $26.1824-hour loss: 3.41 percent
dYdX (DYDX)
Price: $2.0324-hour loss: 2.88 percent
Bitcoin SV (BSV)
Price: $34.4024-hour loss: 2.87 percent
Stacks (STX)
Price: $0.509524-hour loss: 2.58 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, The weekend saw Bitcoin trading in the vicinity of the $28,000 mark. This price movement coincided with the release of US Non-farm payroll data, which revealed the addition of 336,000 jobs in September, exceeding economist predictions of 170,000. This positive NFP report reflects an uptick in economic health and a resilient job market. Should Bitcoin sustain its position comfortably above its current level, it could potentially breach the $28,350 level. If not, there is support at the $27,800 level. Meanwhile, Ethereum has been trading above the $1620 level.
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, The crypto market has been on a slight but gradual decline in the last 24 hours and over the weekend. As per CoinGecko, the global crypto M.Cap is down -0.2 percent since yesterday, but continues to be above $1.12 trillion. The crypto fear and greed index maintained its position in the neutral zone around the score of 50/100; no change in the last 24 hours. Trading close to $28,000, BTC (-0.2 percent) has been maintaining firm support at $27,000. Even though there has been a BTC sell-off from short-term holders, the support levels come in as long-term holders are buying more. In fact, last week, the supply held by the long-term buyers stood at 15.6 million BTCs, as opposed to the short-term holder supply of 3.8 million BTCs the first time since November 2015. The market believes in a bull trend for BTC if consolidation continues, and BTC crosses the $28,000 resistance level.
Rajagopal Menon, Vice President, WazirX, said, Bitcoin appears poised to challenge its $28,000 resistance level, and the prevailing sentiment suggests it may succeed. This marks a notable shift from the fear that dominated the market for most of the previous month. Additionally, Bitcoin's bollinger bands indicate that the market is currently in a consolidation phase.
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, Bitcoin price currently is $27,950 . It is essential for traders and investors to closely monitor Bitcoin price dynamics. Bitcoin is currently facing a key resistance at $28,350 and a break of this level could pave the way for further gains at $29,400 and $30,785. Conversely, if the Bears take control, the support zones at $26,630, $25,260 and $24,556 come into play. Examining technical indicators, the Relative Strength Index (RSI) is hovering at 48, suggesting a somewhat neutral sentiment, albeit slightly bearish below 50. The 50-day exponential moving average (EMA) at $27,500 is serving as strong short-term bullish support.
Shivam Thakral, CEO of BuyUcoin, said, The overall crypto market has been restricted under $1.10 trillion for the past few weeks due to the hawkish stance of the US fed and other macroeconomic factors. The latest tension between Israel and Hamas may result in further downslides across financial markets as it disturbs the peace equation involving multiple countries. Israel is an active player in Bitcoin mining and other blockchain-related activities and any disruption in the mining process may result in BTC hash rate going through the roof.
CoinDCX Research Team told ABP Live, Over the weekend, Bitcoin (BTC) showed resilience by holding its ground, trading just below the pivotal $28,000 level. Meanwhile, Ethereum (ETH) maintained a position above the support level of $1,612. What's particularly intriguing is that this stability coincides with a backdrop of global uncertainty, such as the ongoing Israel-Palestine conflict. In times of turbulence, crypto emerges as a beacon of opportunity for investors. They provide stability, open doors to cross-border financial transactions, and offer top-notch security, making them a compelling and secure choice for savvy investors seeking refuge in these uncertain times.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
Cryptocurrency ATM Market to grow by USD 2.37 billion from 2021 to 2026 | Growth Driven by the increasing number of installations- Technavio – Yahoo…
NEW YORK, Sept. 14, 2023 /PRNewswire/ -- The "cryptocurrencyATM market by type (one way and two way) and geography (North America, Europe, APAC, Middle East and Africa, and South America) - Forecast and Analysis 2022-2026" report has been added to the Technavio offering.With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the cryptocurrency ATM market from 2021to 2026 is USD 2.37 billion,according to Technavio.The increasing number of installations is a key factor driving market growth.To develop new products and emerging technologies that are used around the world in crypto ATMs, companies active in the worldwide market will make significant investments in research and development. Furthermore, with a view to making transactions more efficient, providers are putting in place different technologies with the aim of increasing hash rates and reducing energy consumption. Falling cryptocurrency valueshave encouraged providers to launch affordable crypto ATMs to expand their presence in this growing sector. For example, in May 2021, Bitcoin Depot announced the launch of over 350 new crypto ATMs in the US.Hence, these factors are expected to drive market growth during the forecast period.Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and more. Buy the full report here
Technavio has announced its latest market research report titled Global Cryptocurrency ATM Market 2022-2026
Market Challenge
Limited acceptance of cryptocurrenciesas a legal trendis a significant challenge restricting market growth.Cryptocurrencies are seen as posing a threat to current currency systems because of their volatility and decentralized nature. Consequently, cryptocurrencies are not considered legal tender in countries such as India, Bangladesh, and China. Furthermore, in some countries, digital currencies have been banned, but others are attempting to limit the flow of support from banks and financial systems with major implications for their trading and use. Cryptocurrency's association with illegal activities such as drug trafficking and money laundering was one of the factors that led to its ban.Hence, these factors are expected to restrict market growth during the forecast period.
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The cryptocurrency ATM market has been segmented by type (one way and two way) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The cryptocurrency ATM market share growth by the oneway segment will be significant during the forecast period.One-way cryptocurrency ATM allows the users to either buy or sell cryptocurrency as they are unidirectional. These ATMs are a safe way of buying, sending, and selling cryptocurrencies. This is due to its vast technological innovations; it helps protect the volatility of Bitcoin by providing quick transaction functions. One-way crypto ATMs are more affordable than two-way crypto ATMs.Hence, these factors are expected to drive market growth during the forecast period.
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Key Companies in the CryptocurrencyATM market:
ATM OPS LLC, Bitaccess Inc., Cash Cloud Inc., ChainBytes LLC, Clark, Sharp, and Reynolds LLC, Coinme Inc., Express Systems USA Inc., General Bytes SRO, Genesis Coin Inc., GFT Technologies SE, Kurant GmbH, Lamassu Industries AG, Lux Vending LLC, ORDERBOB, RockItCoin LLC, and RusBit Ltd.
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Cryptocurrency ATM Market Scope
Report Coverage
Details
Base year
2021
Historic period
2017-2021
Forecast period
2022-2026
Growth momentum & CAGR
Accelerate at a CAGR of 53.09%
Market growth 2022-2026
USD 2.37 billion
Market structure
Concentrated
YoY growth 2022-2023 (%)
40.05
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 43%
Key countries
US, Canada, China, Japan, Germany, and France
Competitive landscape
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled
ATM OPS LLC, Bitaccess Inc., Cash Cloud Inc., ChainBytes LLC, Clark, Sharp, and Reynolds LLC, Coinme Inc., Express Systems USA Inc., General Bytes SRO, Genesis Coin Inc., GFT Technologies SE, Kurant GmbH, Lamassu Industries AG, Lux Vending LLC, ORDERBOB, RockItCoin LLC, and RusBit Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers,Challenges, &Trends
Company Landscape
Company Analysis
Appendix
AboutTechnavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ContactsTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email:media@technavio.comWebsite:www.technavio.com
Global Cryptocurrency ATM Market 2022-2026
Cision
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SOURCE Technavio