Ethereum Soars 6% in 7 Days: How High Can…

• Ethereum (ETH) is consolidating ahead of a key Fed policy announcement.
• Ether could drop to fresh weekly lows under $1,700 if the Fed’s message is interpreted as more hawkish than markets had been expecting.
• If the Fed comes across as more dovish than expected, that could trigger broad risk-on, which would likely lift Ether.

Ethereum Price Prediction

Ethereum (ETH), the second most valuable cryptocurrency in the world by market capitalization, is in consolidation mode ahead of an important Federal Reserve policy announcement. Ether was last changing hands just above $1,800 and has seen a decent bounce from earlier weekly lows in the $1,720s on Tuesday. The cryptocurrency was last up around 6% in the last seven days.

Impact of Federal Reserve Policy Announcement on Ethereum (ETH)

The US central bank is expected to lift interest rates by another 25 bps, taking the federal funds target range to 4.75-5.0%. However, following the collapse of several regional US banks earlier this month and amid signs that contagion continues to threaten dozens more, the bank is expected to soften its tone on further tightening. The Fed faces a balancing act between controlling inflation and financial stability risks that could impact Ether prices depending on their outlook for further tightening or easing measures.

Price Prediction – How High Can ETH Go in 2023?

The emergence of troubles in the traditional banking sector have shifted macro narratives driving asset classes including cryptocurrencies such as Ethereum (ETH). Money market pricing suggests a dovish pivot from the Fed now looks to be just around the corner which means easier rather than tighter financial conditions for 2023 which historically benefits Ether prices. ETH/USD bulls are eyeing a test of last August’s pre-“Merge” highs in the $2,030s – a 12% rally from current levels – as an indication for how high ETH can go in 2023 if this scenario plays out correctly.

Risk Factors

A hawkish tone from the Fed indicating tighter financial conditions than expected could push Ether towards fresh weekly lows under $1,700 while other external factors such as regulatory developments or changes in investor sentiment also have potential to influence ETH price movements over this time period and beyond.

Conclusion

Overall it appears that with expectations pointing towards easier rather than tighter monetary policy from central banks globally at least for now it seems likely that relative strength will remain with assets like Ethereum (ETH) over traditional assets going forward into 2023 given their relative safety during times when macroeconomic uncertainty increases and investors move capital away from risky assets into safe havens like Bitcoin and Ether cryptocurrencies.

Building a Metaverse: How E-commerce & Crypto Synergize

• Rashid Ajami is the Co-Founder & CEO of Metropolis World, a metaverse experience and virtual landscape comprised of stunning art, a physi-digital marketplace and an immersive itinerary of curated programming perks, and events.
• In an exclusive interview with cryptonews.com, Rashid talks about building an immersive world without AR/VR, blending e-commerce & blockchain, and creating web3 apps that look & feel like web2 apps.
• He has collaborated with electronic music heavyweights Booka Shade and Julia Govor, been remixed by the likes of Maya Jane Coles and Ramon Tapia, supported by Pete Tong on BBC Radio 1.

Rashid Ajami – Co-Founder & CEO Of Metropolis World

Rashid Ajami is the Co-Founder & CEO of Metropolis World – a metaverse experience and virtual landscape comprised of stunning art, a physi-digital marketplace and an immersive itinerary of curated programming perks, and events. He’s also an electronic Music Producer and Sound Design Artist based in London. His critically acclaimed tracks have been released on renowned labels such as Anjunadeep, Get Physical, Noir, Tale + Tone, TOR, Armada Electronic Elements. He has also collaborated with electronic music heavyweights Booka Shade and Julia Govor; been remixed by the likes Maya Jane Coles and Ramon Tapia; supported by Pete Tong on BBC Radio 1; featured in some of the world’s biggest music titles such as Rolling Stone Mixmag DJ Mag Clash amongst others.

Exclusive Interview With CryptoNews

In an exclusive interview with cryptonews.com Rashid Ajami talked about building an immersive world without AR/VR; blending e-commerce & blockchain; createing web3 applications that look & feel like web2 applications; his journey from music industry to crypto; secret sauce for building in bear markets etcetera.

Building An Immersive World Without AR/VR

Rashid talked about how they are trying to blend unique properties such as e-commerce gaming art fashion into one platform to build something much bigger than just another social media platform or game but more like a hybrid between those two things allowing people to do more than what they’re currently doing on existing platforms while also providing them new opportunities for customization creation expression collaboration etcetera within their own avatar worlds . Additionally he discussed how it is possible to build this kind of experience even without relying heavily on augmented reality or virtual reality technology which can be expensive or difficult for many people to access due to hardware requirements etcetera.

Blending E-Commerce With Blockchain

He also spoke about how Metropolis World plans to bridge traditional e-commerce with blockchain technologies so users can buy sell trade physical goods from other users within the platform in addition to digital assets such as NFTs etcetera . To make this happen they are working hard behind the scenes on developing platforms protocols APIs integrations etcetera that will enable users to easily transition between these two worlds while still feeling comfortable using both traditional methods as well as more cutting edge technologies like cryptocurrency payments smart contracts escrows automated dispute resolutions etcetera all within one unified interface .

Creating Web3 Apps That Look Like Web 2 Apps

Finally he explained why it’s important for projects like theirs focus not just on technology but also design aesthetics user experience usability because ultimately people don’t want something that looks feels clunky complex or intimidating when interacting with decentralized applications (dapps) instead they want something that looks feels operates just like any other website application out there today . This way users won’t have any hesitations when trying out new products services within dapps because it will seem familiar easy understandable secure reliable trustworthy etcetera all at same time .

BTC Attempts Breakout: Can BTC and ETH Recover?

• Bitcoin (BTC) and Ethereum (ETH) have been unable to halt their losses below the $23,000 and $1,600 marks, respectively.
• A critical week of economic developments in the US will test the market’s resilience with nonfarm payroll data and remarks by the Federal Reserve Chair.
• Market sentiment has had a negative impact on prices, but there is hope that this bearish trend may not last long if investors accept Silvergate suspension as minor setback.

Market Condition

Bitcoin (BTC) and Ethereum (ETH), two of the most popular cryptocurrencies in the world, have been unable to halt their losses and are still trading in the red below the $23,000 and $1,600 marks, respectively. Traders are hesitant to place any strong bids ahead of a critical week of economic developments in the United States. This week will see the release of nonfarm payroll statistics and remarks by US Federal Reserve Chair Jerome Powell, making it a crucial moment for the market. BTC has faced difficulties in rising above the $22,800 level, and if the bears succeed in pushing the price below its current level, then next support level would be $21,480 while Ethereum also sees lack of trading activity around $1,500 mark indicating hesitation among buyers and sellers.

Risk-Off Market Sentiment

The global cryptocurrency market has been in a downward trend for past few weeks with prices falling across board due to bearish market sentiment impacting price of Bitcoin negatively. The current condition could also have an effect on supply of BTC as people lose confidence in market leading them to sell Bitcoin holdings increasing supply & driving prices down further.

Glimmer Of Hope

There’s a glimmer of hope amidst current dip in prices of Bitcoin & Ether as if investors consider Silvergate suspension as minor setback rather than major negative event then current bearish trend may not last long since Bitcoin & Ether have significant market capitalization & closely interconnected meaning positive outcome for one cryptocurrency could favorably affect other too.

Price Prediction For BTC

$BTC is on its way but not there yet ideally should drop a bit further before buying opportunity arises when blue indicator cross baseline with 85% success rate recorded over 7 years period according to Ayyad (@AyyadYnm).

Conclusion

As we can see from analysis above that although negative sentiment continues to weigh heavily on cryptocurrency markets however there’s still some light at end tunnel as bullish outlook might prevail depending upon how traders respond to economic developments taking place this week & investors response towards Silvergate suspension incident which could lead markets back into green territory soon enough.

Proof of Reserves: Future of CEX Transparency Revealed at…

• Blockchain Economy Summit in London is discussing centralized exchanges (CEX)
• OKX Managing Director Lennix Lai is advocating for Proof of Reserve (PoR) technology to increase transparency
• PoR will use Merkle Tree and ZK-Snark technology to verify 1:1 user deposits and transactions

Overview of the Blockchain Economy Summit

London’s Blockchain Economy Summit is the UK’s largest gathering of crypto and blockchain companies. At this event, discussion around the future of CEXs has been taking place in light of the collapse of FTX.

OKX’s Proof of Reserves Technology

OKX has presented their Proof of Reserves (PoR) technology at the summit. This tool uses Merkle Tree data structures to check a user’s assets against on-chain snapshots and can show exactly how much funds are held by an exchange. It also allows for verification that reserves match 1:1 deposits over a period of time.

ZK-Snark Technology

In 2023, OKX plans to integrate ZK-Snark technology into PoR to make it even more secure and private. This tech bundles multiple transactions together while still verifying the total size without revealing individual details.

Regulatory Compliance

This level of transparency increases trust between users, regulators, and exchanges alike which can help with compliance efforts from regulatory agencies worldwide.

Conclusion

Proof of Reserves technology could become standard across most major exchanges with its low cost, high accuracy, and privacy features enabled by ZK-Snark technology. The increased transparency could go a long way towards increasing trust between users, regulators, and CEXs alike.

Crypto Market Takes a Hit: Best Coins to Buy…

• The cryptocurrency market experienced a significant decline on Thursday, with a net outflow of $35.215 billion causing the market cap to fall by 3.32%.
• Bitcoin and Ethereum led the way with declines in their market caps.
• The SECcharged Do Kwon and Terraform Labs for allegedly defrauding investors in a scheme involving billions of dollars since April 2018.

Cryptocurrency Market Decline

The cryptocurrency market experienced a significant decline on Thursday, with a net outflow of $35.215 billion causing the market cap to fall by 3.32% from $1.062 trillion to $1.026 trillion. This news comes as a blow to bullish investors who have seen the cryptocurrency market rally in recent weeks.

Leaders in Market Cap Declines

The two most significant cryptocurrencies by market capitalization, Bitcoin and Ethereum, led the way with declines in their market caps. Bitcoin’s market cap dropped by 2.90% to $459.49 billion, while Ethereum’s fell by 0.78% to $203.99 billion. However, Bitcoin’s price is currently making a bit of a recovery in the past hours and is trading at $24,420 as of writing whereas Ethereum’s price has also made a recovery in recent hours, trading at $1,697 as of writing .

SEC Charges Terraform Labs

In the SEC’s latest move in its crackdown on crypto, it’s charging Do Kwon and Terraform Labs for allegedly defrauding investors in a scheme involving billions of dollars since April 2018 according to an official court filing from the Southern District of New York . It was revealed that Kwon raised money from investors through the sale of several interconnected digital assets that were unregistered securities without informing them about its stability risks which resulted into an estimated loss for investors amounting up to $42 billion globally . Prior to its collapse in May 2022 , TerraUSD had a market cap exceeding 18 .5 billion which made it tenth-largest cryptocurrency at that time .

Investment Opportunities

As Bitcoin’s value consolidates , investors are taking this opportunity to re-evaluate their portfolios and seek new investment opportunities . MEMAG , MATIC , FGHT , LRC , CCHG , FIL & RIA are some such cryptos which are being considered as potential investments right now due to their expected return prospects although it should be noted that investing involves risk so one should do his own research before investing any money into these cryptos or any other asset class .

Conclusion

The crypto markets have been volatile lately so it is important for investors to stay updated about all developments taking place around them so they can make informed decisions when investing their hard earned money into these assets classes .

Crypto Won’t Destroy Tradfi, Says Ex-Hong Kong Central Bank…

• Norman Chan, former head of the Hong Kong Monetary Authority (HKMA), said that crypto will not destroy traditional finance due to its lack of intrinsic value and high volatility.
• He also said that DeFi is inferior to traditional models as investors have no protection, and that stablecoin adoption could affect fiat-based monetary policy.
• Despite this, he suggested that NFTs had potential for investors looking to make art, wine, or antique purchases.

Former Chief Executive of HKMA: Crypto Cannot Destroy Tradfi

Norman Chan, the former Chief Executive of the Hong Kong Monetary Authority (HKMA), has stated in an interview with the 21st Century Business Herald that cryptoassets like bitcoin (BTC) cannot become “currencies” because they “have no intrinsic value and their prices fluctuate too much.” He also took aim at stablecoins, saying “[Stablecoins] have many application scenarios but they cannot subvert and replace traditional finance.”

DeFi Inferiority

Chan warned that decentralized finance (DeFi) was inferior to centralized models as in the DeFi world investors “generally have no protection.” He said this could compromise the stability of the financial system by “getting rid of the models of regulation and trusted intermediaries.”

Potential for NFTs

The former HKMA boss conceded that despite his issues with cryptoassets, non-fungible tokens (NFTs) had a “broad” application potential for investors looking to make art, wine or antique purchases.

No Chance for Crypto Replacement

Chan dismissed the notion that crypto had the power to “replace central banks, traditional financial markets, and institutions,” claiming price volatility would prove an Achilles heel for BTC and major altcoins.

Conclusion

Despite his criticism on some aspects of cryptocurrency and blockchain technology, Chen suggested that stablecoins have great future potential provided they meet certain levels of investor protection and regulatory conformity.

Silvergate Bank Investigated by US DOJ, Stocks Take a…

• US Department of Justice has launched a probe into Silvergate Bank’s dealings with crypto giants FTX and Alameda Research.
• Silvergate shares have seen a sharp drop in pre-market trading following the news of the investigation.
• Sam Bankman-Fried, the disgraced founder of FTX, has been charged with eight criminal charges, including wire fraud and conspiracy to misuse customer funds.

The US Department of Justice has launched an investigation into Silvergate Bank, a crypto-friendly bank, to examine its relationship with fallen crypto giants FTX and Alameda Research. This news has caused Silvergate shares to plunge in pre-market trading.

The investigation, which began a few weeks ago, is reportedly centered around one key question: “What did banks and intermediaries working with Bankman-Fried’s firms know about what US officials have called a years-long scheme to defraud investors and customers?” Sam Bankman-Fried, the disgraced founder of FTX, has been charged with eight criminal charges, including wire fraud and conspiracy to misuse customer funds.

Silvergate was among the lenders hit hardest by the fall of FTX in November last year. The collapse of FTX caused a bank run for Silvergate, forcing the bank to sell $5.2 billion of debt securities to satisfy its creditors. This led to a significant loss of value for its shares, as they lost roughly 88% of their value in 2022 amid the broader crypto market downturn that saw around $2 trillion wiped out of the market.

The US Department of Justice’s investigation into Silvergate is still in its early phases and could end without any charges being brought against the bank. However, the news of the investigation has had a negative impact on Silvergate’s stock, as investors are uncertain of the outcome of the inquiry.

It remains to be seen how the investigation will play out and what effect it will have on Silvergate Bank’s reputation and financials. In the meantime, investors are being advised to monitor the situation closely and to take any necessary precautions.

APE Rallies 70%, Now Eyeing All-Time Highs

• ApeCoin (APE) is an ERC-20 token powering Yuga Labs’ web3 ecosystem, and has recently seen a strong rally of 70% since the start of the month, and 130% versus last year’s lows.
• The rally in APE is being driven by a combination of dovish expectations for Fed tightening in the coming quarters and growing signs that the bear market in crypto might now be over.
• Investors are eyeing a near-term break above resistance in the $6.50 area, which could open the door to a push higher to the summer 2022 highs in the $7.70 area, or even back to the all-time highs in the $27.80 area.

The cryptocurrency ApeCoin (APE) has been making headlines lately, with a strong rally of 70% since the start of the month pushing it to near $6.10. This represents a 130% surge from last year’s lows in the $2.60 area, and has APE investors wondering where the token could be headed next.

Analysts attribute the recent surge in APE to a combination of factors, most notably the recent dovish expectations for Fed tightening in the coming quarters. This has helped create an environment of easing financial conditions, which has in turn led to an increase in risk appetite in the cryptocurrency space. This has been further bolstered by growing signs, both technical and on-chain, that the bear market in crypto might now be over.

These factors have helped to create a bullish outlook for APE, with investors now eyeing a possible break above resistance in the $6.50 area. Such a break could open the door for the token to reach its summer 2022 highs in the $7.70 area, or even back to its all-time highs in the $27.80 area.

Of course, it’s not just APE that is benefiting from the current risk-on atmosphere in the crypto market. Other altcoins have also seen strong gains, many of which offer investors the potential for even higher returns than ApeCoin. While these coins may be riskier than APE, they also offer the potential for significantly higher rewards.

Ultimately, the future of APE and other cryptocurrencies will depend on how investors view the risks versus the rewards. With the current risk-on atmosphere in the crypto market, it looks like the rewards could outweigh the risks for now. However, it is still important to do your own research and understand the risks involved before investing in any cryptocurrency.

Finance Ministry Seeks to Tax Crypto Mining in Fresh…

• The Russian finance ministry has launched a fresh attempt to tax crypto miners.
• The ministry hopes to evade the impasse by using the nation’s tax code regulations.
• The precise form of taxation is as-yet undecided and will be contained within the framework of a much-delayed draft law on crypto mining.

The Russian finance ministry is making a fresh attempt to tax crypto miners in order to overcome the obstacles thrown up by the nation’s Central Bank and law enforcement agencies. This is the second time they have tried to regulate the crypto mining sector, with industrial players urging Moscow to “legalize” their operations and energy players looking to mine tokens using surplus energy and associated gas.

However, the Central Bank wants miners to sell their coins on overseas exchanges to prevent them from “entering” the Russian economy, while law enforcement officials are concerned that this could lead to money laundering. To get around this, the finance ministry is looking to use the tax code regulations to tax crypto miners on their profits.

At the moment, mining is neither legal nor illegal in Russia and because it is not classified as an entrepreneurial activity, it cannot currently be taxed. To rectify this, the ministry is pushing for legislative changes to the tax code, which will require Central Bank and parliamentary approval. The precise form of taxation is as-yet undecided and will be contained within the framework of a much-delayed draft law on crypto mining.

Anatoly Aksakov, the Chair of the State Duma Committee on Financial Market, commented on the issue, saying that the law needs to be adopted before the start of next year in order to offer clarity to the crypto mining industry. He also pointed out that the law needs to clearly determine the taxation of crypto mining profits, as well as the taxation of crypto transactions.

The finance ministry is hopeful that by using the tax code regulations, they can overcome the impasse and give clarity to the crypto mining sector. It remains to be seen whether they will be successful in their attempt.