As the field of viable layer-one blockchain protocols continues to expand with newer entrants trying to solve the issue of high transaction costs and slow processing times, older projects find themselves utilizing their history and track record to set themselves apart and secure a market share that will ensure their survival through the next market cycle.
Neo (NEO) fits the bill described above and the project is attempting to stage a revival in 2022 as governments around the world slowly open to the fact that blockchains and digital currencies have certain benefits that can be integrated into public and private enterprise.
Data from Cointelegraph Markets Pro and TradingView shows that the price of NEO has climbed 60% since hitting a low of $16.10 on Jan. 24 to hit a daily high of $25.68 on Feb. 11 and the project is once again on the move as its 24-hour trading volume surged 292% on Feb. 17.
NEO/USDT 4-hour chart. Source: TradingView
Three reasons for the increase in demand for NEO include the adoption of the Neo blockchain by China’s Blockchain-based Service Network (BSN), the full rollout of Neo N3 and the launch of several nonfungible tokens (NFT) and decentralized finance (DeFi) projects on the network.
Adoption by BSN
The most significant recent development for Neo was an announcement from BSN China that the Neo-powered Jiuquan Chain will be included as one of the ten chains that will form the Chinese mainnet.
Through this integration, citizens in China will now be able to access NFT markets that operate on the BSN Open Permissioned Blockchain (OPB) and remain compliant with Chinese regulations.
As part of this process, NFT’s on BSN are being renamed “Decentralized Digital Certificates” (DDCs) as a way to help differentiate “Chinese NFTs” from those used by the rest of the world and emphasize that NFT utility expands beyond simple graphical images or music tracks.
The Jiuquan chain will also include an integration with the Neo domain name service, allowing users to choose a unique, short sentence to replace hash strings and complicated wallet addresses.
Full rollout of N3
A second reason for the resurgence of Neo has been the successful launch of N3, the most advanced version of the Neo blockchain.
N3 originally went live on Aug. 2, 2021, but the network took a measured approach to the migration of assets from N2 to N3 as a way to ensure that there were no major bugs or issues with the process.
The revamp to the codebase was done to help Neo compete with other top smart contract platforms as the concept of a smart economy continues to gain steam thanks to the widespread proliferation of smart devices which transmit data to the web.
A third factor helping provide a boost of momentum for NEO has been the launch of multiple nonfungible tokens (NFT) projects on the network now that N3 has been fully launched.
MegaOasis, a NFT marketplace, is the newest addition to the Neo ecosystem and it offers members of the community access to NFTs created by famous artists that can be exclusively found on the Neo network.
Mega Oasis (@MegaOasis_nft), an NFT marketplace designed to offer collectors access to unique NFTs made specifically for the platform, is launching on Feb. 14. It will kick off with the sale of Meta Panacea, a collection by renowned artist Zhenchen Liu.https://t.co/fnwKPQMGfk
‘To the Moon Universe’ is another N3-based NFT marketplace that launched on Neo and it has already completed its first NFT auction on N3.
Several DeFi protocols have also successfully launched on N3, including Flamingo Finance (FLM), which migrated from N2 and NeoBurger which is a newer protocol that launched with the rollout of N3.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
The 2022 Winter Olympics participants, visitors and organizers could be spending more than $300,000 in China’s digital yuan every day, according to new reports citing officials from the People’s Bank of China.
The e-CNY, China’s central bank digital currency (CBDC), is being used to make 2 million yuan ($316,000) or more worth of payments each day, PBoC’s Digital Currency Research Institute director-general Mu Changchun said. The official provided the data during a webinar hosted by the Atlantic Council, Reuters reported Tuesday.
“I have a rough idea that there are several, or a couple of million digital yuan of payments every day, but I don’t have exact numbers yet,” Mu said, adding that there was no breakdown yet of the number of transactions made by Chinese nationals and foreign attendees.
The official still noted that foreign users tend to use hardware wallets more, referring to the e-CNY payment cards, which look like credit cards without the normal chip and magnetic strip. “The software wallets are mainly used by domestic users,” Mu added.
As previously reported by Cointelegraph, the PBoC has been widely promoting the use of the Chinese CBDC at the 2022 Winter Olympics. The state-controlled Bank of China set up a number of special ATMs at some central venues at the Games, allowing international guests to convert their foreign banknotes into e-CNY or normal yuan banknotes.
The digital yuan’s availability has triggered some concerns over cybersecurity and privacy from the global community, with some United States senators reportedly viewing the digital yuan as a “tremendous security threat to individual users.” In late 2021, British spy chief Jeremy Fleming argued that the CBDC use could allow Beijing to monitor users and control global transactions despite presenting a great great opportunity to democratize payment systems.
While actively pushing CBDC adoption, China has taken an extremely anti-cryptocurrency stance, with the government banning all crypto transactions in September 2021. According to the latest reports, as many as 2 million crypto mining devices are stuck in China’s former crypto mining hub, Sichuan province, after the government halted operations. Miners attempting to move operations to North America have reportedly lost millions of dollars while trying to export crypto mining hardware.
GRAND GOOSE MANSION is a very cozy home for cute Hawaiian geese. Each of you can release one goose or several, you just need to buy (mint) an NFT pegged to the image of the Hawaiian goose or nene.
Obviously, the Grand goose mansion is a unique project of the geese metaverse, the geeseverse. In fact, it is created for people who share a love for wildlife and technology, who mint NFTs and get fabulous bonuses at first, and healthy profits later. With this project, you can not only save very beautiful birds from extinction but also get a decent reward. How about being one of the first inhabitants of one of the most unusual metaverses? With this project, you can !
How it works?
Grand goose mansion is where NFTs are minted pegged to very nice and, moreover, unique images of a rare, useful, and cute bird – nene or Hawaiian goose. In total, there are 7777 birds in this flock. The magic number, right? But this is only the beginning of the charm. All geese are unique and have a cheap and most amazing design. However, geese #1111, #2222, #3333, #4444, #5555, #6666, #7777 are special. If you are lucky to purchase a token with one of these numbers, you will immediately get an additional 1 ETH. The historical maximum of this coin is over $4800. You become an investor in the most promising cryptocurrency!
But there are five more Money Geese. They appeared in a vault in the Grand Mansion, where $100,000 is stored, and divided the money equally among themselves. If you are lucky and mint a Money Goose, then you will get $20,000 on the reveal day. Not bad for a start, right? And this is just the beginning. In the next couple of months, before the end of Q1 2022, the following events will take place:
– airdrop for NFT holders;
– metaverse (geeseverse) creation;
– game and token development with utility in the game.
The co-founders of the Grand goose mansion are not just having fun but are inviting us to come on this fun ride. They say: ride with us as we build a community that will stand against all odds. GEESEPAPPY and POLO23 are both successful entrepreneurs, and with the help of GGM, they are ready to be among the first to develop the metaverses technology.
Building a community is the main goal of the project. And the financial framework for the community is as follows. $100k will be donated to the community DAO. And immediately within the DAO, a vote is held on how to use these funds. It is assumed that over time, the geese from the geeseverse will have a special character and utilities.
Early project participants who are whitelisted and get access to the presale stage will get the maximum benefit. Presale is an early NFT sale, for which a maximum of 1000 tokens will be minted. Lucky early whitelisted investors can buy one NFT at a lesser price.The remaining 6777 NFTs will be sold during the public launch. And you can buy as much as you want and on fair terms. Don’t forget – the more tokens you have, the more influence you have in the DAO, not to mention, the more NFTs you have, the bigger your income will be if you want to sell them on OpenSea later when the community has already been created. Usually, the price after reveal increases x-times. But perhaps there is no need to sell these NFTs in the short term. The founders promise a fun and exciting journey. And not only in the geeseverse. Each GGM token gives you an option to get one free Gorilla NFT. And this is a ticket to another metaverse! And of course, every goose owner gets a ticket to the annual Grand Mansion Party.
A bit more about real life and real nene, Hawaiian geese. It is, unfortunately, an endangered species. 200 years ago there were 25 thousand of them, and now – 10 times less. These cute birds may disappear altogether and remain only in zoos. But if you settle in the geeseverse Grand goose mansion, you can help the geese in real life. Immediately after the launch of the project, $10,000 will go to a zoo in Hawaii to help keep geese alive and not out of extinction.
It remains only to decide how to become whitelisted, because this is a sure chance to profitably buy NFT and become a member of the community. It’s easy if you follow the Discord. You will need to have a Goose profile picture, add GGM to your discord, invite active people to the server, or complete the bounty task. Details will be announced there on Discord too. Discord is the best way to follow the progress of a project. And it always pays off, no doubt about it: on Discord you can get money and free tokens, $15,500 plus 10 free NFTs, to be precise.
The New York Stock Exchange, or NYSE, has filed a trademark application with the United States Patent and Trademark Office, or USPTO, on Feb 10 to register the name “NYSE” for several blockchains and crypto related products and services. The goods specified include virtual reality and augmented reality software, nonfungible tokens, or NFTs, and online marketplaces.
According to the application, the financial exchange would be able to provide “downloadable virtual goods” for NFTs and digital collectibles, as well as “authentication of data in the field on NFTs using blockchain technology.” This is not the NYSE’s first foray into NFTs or the Metaverse. In April 2021, six NYSE NFTs were minted to commemorate the first trades for Spotify, Snowflake, Unity, DoorDash, Roblox.
On the company’s official website, NYSE had stated that there are “many more NYSE NFTs to come as we continue to welcome new, innovative companies to our community.” This application indicates plans to launch an NFT marketplace for buyers, sellers and traders of “digital assets, artwork, collectibles, and nonfungible tokens.”
There is also a section that details “cryptocurrency trading services” that would facilitate the “financial exchange of virtual currency.” Additionally, both downloadable and non-downloadable virtual reality and augmented, as well as application programming interface, or API, is included in the application too.
The New York Stock Exchange follows several other public companies that have filed trademark application not only to protect their brands but to signify their exploration into blockchain and NFTs. Recently, McDonalds submitted a trademark application to open restaurants in the metaverse.
In the modern age of the Internet, various new methods of investing are being invented. One of the most popular new-age investments is cryptocurrency. Crypto refers to virtually operated currency generated on the Internet. People use real-world money, buy cryptocurrencies, store them in wallets, and invest in them.
After that, the customer sells the previously bought cryptos based on the ever-changing inflation rates. There are many types of cryptocurrencies in the current market, and, out of all of them, Bitcoin is the most famous. Seasoned investors are jumping left and right at the slightest chance of mining Bitcoin. Even newbie customers are also figuring out how to buy Bitcoin on any crypto trading platform.
This virtual currency has taken the world by storm. Valuing at about $50,000 a piece, the demand for Bitcoin is rising day by day, and any Bitcoin cash-out has a huge profit for the investor. With the withdrawn cash, one can do a lot of great and unique activities. It never hurts to have some extra cash to do all the things you always wanted.
So, here are five distinctive ways to use your Bitcoin cash-out:
Invest in a Roth IRA
An Individual Retirement Account, or IRA for short, allows tax-free withdrawals. A Roth IRA is slightly different from the traditional IRAs. In these IRAs, there is a fee on deposits, but the withdrawals after retirement are all exempted from any kind of tax.
The extra money earned from investing in Bitcoin can be deposited in a Roth IRA account. This will be a huge advantage for the future. Savings and funding that can secure a person’s future are great financing options. A Roth IRA can also aid in securing food and healthcare costs. So, it is a great way to spend the Bitcoin withdrawal.
Gift Some to Charity (and Claim on Your Taxes)
One generous use of the extra Bitcoin cash is to donate some of it to one or more charities. Any activity related to charity is a kind one. Doing that would bring a lot of happiness to a lot of underprivileged children around the world.
In addition to charity, you can also repay debts and taxes that have stacked up for some time. Excess taxes can cause a lot of problems for working-class citizens. Therefore, having some extra Bitcoin cash can resolve tax-related issues.
Set up a Fund for a Future Generation
You all earn money so that the future generation can live a comfortable life. Similar to setting up a Roth IRA (as mentioned previously in this list), you can set up a specific fund catering to your future family. Saving a good amount for the well-being of your children will be incredibly helpful in the future. That fund can be used for both educational and medical purposes.
Saving money for the future is always a constructive idea, and providing those funds for the future generation will go a long way. As today’s children are tomorrow’s future, investing the withdrawn Bitcoin cash in their name would be fruitful in the long run.
Put Down a Payment on a House or Vehicle
It’s everyone’s dream to own their own house, property, and vehicle. Acquiring properties is one of the main reasons for people learning how to buy Bitcoin. A profit on Bitcoin cash-out can be immense. Use this extra cash to put a down payment on a house or vehicle you’ve had your eyes on for a while.
There is no feeling better than owning your domain. This also pushes you to become independent. Currently, many people are using their invested cryptocurrency cash to buy properties.
Go on Vacation to Somewhere You’ve Never Been
Recreation and rejuvenation in luxurious locations aren’t out of the question any more now that you have withdrawn your Bitcoin cash. Now, with this additional cash, you can visit all the places you’ve always wanted to visit.
In the holiday seasons, take a trip to whatever exotic location caught your eyes. You can rent a condo now. You can visit the beach. You can experience the thrill of visiting tropical areas in your free time. Financial problems aren’t an issue any more.
Five Unique and Great Ways to use Your Bitcoin Cash- Out
“Rampant” issues relating to minting counterfeit nonfungible tokens, or NFTs, have forced popular platform Cent to halt some operations.
Founded in 2017, Cent kicked off as a “social network and informal platform for creative experimentation.” In 2020, the team also launched an NFT platform called Valuables to mint and auction iconic tweets.
Jack Dorsey’s first tweet, “just setting up my twttr,” sold for $2.9 million on the platform in March last year. On February 6th, the platform ceased NFT trading due to “a spectrum of activity” that “shouldn’t be happening.”
Cameron Hejazi, co-founder of Cent told Cointelegraph:
“People in this space tend to cry ‘caveat emptor’ or ‘buyer beware’ but protecting creators from those who might steal or abuse their work — and protecting buyers from potential fraud— is very important.”
Hejazi told Reuters that the issue was threefold. Firstly, the sale of unauthorized NFT copies, second, the sale of stolen content converted into NFTs, and finally, the sale of NFT sets that resemble securities.
Umberto Canessa Cerchi, CEO of Kryptomon, an NFT Play-To-Earn blockchain game shared that while growing reputational concerns are a concern for the industry, it is not enough to put off potential first time NFT buyers. He told Cointelegraph that among first-time buyers:
“Most of them will end up buying a fake, and then when they find out about it, they will declare all NFTs ‘scams,’ and that’s bad for the industry.”
Cerchi shared that “consumer protection laws” may improve the situation and better education would “prevent the industry from becoming a victim of fraud.”
Phil Gunwhy, Partner and Brand Strategist at Blockasset.co, the first athlete-verified NFT sports platform, is optimistic about the future for NFTs and regulation. He told Cointelegraph:
The problem with fake listings is correlated directly to how marketplaces do not regulate the listings that appear. There are many marketplaces that do now allow users to upload and create NFTs on the fly and instead only allow verified listings.”
He added that “developing relevant regulations” could be challenging in the short term, but there is “an expectation that this will trickle down to the NFT ecosystem.”
Charities and donations have been a trending topic in the cryptocurrency realm as of late. And its not simply as an act of giving; in countries such as the U.S., the country’s revenue authority provides generous tax deductions for those who donate their crypto to registered charities. One company, The Giving Block, provides such crypto-fundraising onboarding solutions to more than 1,000 nonprofits.
But just how does investors’ money make a difference? In a series of case studies provided to Cointelegraph, The Giving Block illustrated how six such charities benefited as overall donations volume on its platform surged over 1,000% year over year in 2021. As told by Tammy Tibbetts, co-founder and CEO of She’s the First, a charity organization helping gender equality through education:
“In the most challenging fiscal year of my career as a nonprofit CEO, I realized I had to take crypto seriously. If I didn’t, the ship was going to sail without us and, with it, take resources that could help girls around the world access education and unlock their dreams. This crypto donation was our second biggest gift this year, completely changing my view on cryptocurrencies.
Thanks to a crypto-fundraising campaign, She’s the First delivered more than 1,400 food, water, and menstrual kits, as well as connected over 6,000 girls with mentors around the world. Similarly, CARE, one of the oldest nonprofit organizations fighting global poverty, saw its crypto donations increase from about $7,000 in 2020 to over $330,000 in 2021. One campaign, NFT CARE Package for Afghanistan, raised over $200,000 in a matter of weeks to deliver humanitarian aid to Afghan families.
CARE organization banner | Source: The Giving Block
Then there’s the orangutan preservation project Orangutan Outreach, which raised more than their entire budget 2020 revenue budget with crypto donations. “We’re going to incorporate crypto into everything we do moving forward, make it bigger so we can do more good work,” said Richard Zimmerman, the organization’s executive director. Organtuan Outreach’s team cares for orphaned and displaced orangutans in specially built sanctuaries with the end goal of releasing them back to the wild.
Orangutan Outreach banner | Source: The Giving Block
And thanks in part to NFT campaigns, regenerative agriculture nonprofit Trees for the Future managed to plant 2.3 million trees that are estimated to sequester more than 80,000 metric tons of carbon dioxide over 20 years. “We can change the lives of 5,000 farmers and their families by providing training and allowing them to have a job and food security,” said Alexa Castellano, giving associate at Trees for the Future.
Next up is no other than the University of Arizona itself, where the post-secondary institute sees over $20,000 per month in crypto donations volume. The money is used to fund scholarships, student experiences, athletics, research, and various academic programs. Finally, Vive Church, a global community of churches with locations across the U.S. and E.U., managed to raise over $300,000 in crypto towards a down payment to 80,000 square-foot building in Palo Alto that could seat 2,000 people in its auditorium. And there appears to be a lot of “faith” in such donation method too, as Aaron Williams, Vive Church’s finance director, explains:
“Crypto is the only asset class that people seem to be super passionate about. I get phone calls and texts about it constantly from donors. I didn’t expect as much passion around it. But I believe that their passion drives generosity.”
Super Bowl commercials have always been an intrinsic part of the annual National Football League (NFL) championship and for business, a fair sign of making it in the real world. This year, however, marked a new milestone for the crypto community as FTX, eToro, Crypto.com and Coinbase debuted crypto ads in Super Bowl 2022.
With rising demand in crypto — recently fueled by nonfungible tokens (NFT), meme tokens and the Metaverse — Super Bowl crypto ads stole the limelight from traditional businesses on social media platforms like Twitter. Let’s gauge into the advertisements and echo the feelings expressed by the community:
Coinbase Super Bowl 2022 commercial
Coinbase is one of the most popular crypto exchanges in the United States, often taking the number 1 spot for being the most downloaded app on the Apple App Store. What appears to be a part of the company’s ongoing “Less talk, more Bitcoin” campaign, Coinbase released a minimalistic commercial sporting basic two-dimensional graphic images.
The Coinbase Super Bowl commercial started off with a Coinbase-themed “C” bouncing around the screen similar to the bouncing DVD logo.
ICYMI
Now that we have your attention we’d like to announce that we’re giving away $15 in BTC to anyone who joins Coinbase by 2/15.
Click below for more info and RT to tell your friends!
Shortly after, the letter was replaced with a color-changing QR code, which silently moved across the screen in a similar fashion. The QR code redirected users to Coinbase’s landing page that promoted Bitcoin (BTC) giveaway and sign-up promotions when scanned.
Despite the contrast to traditional, high-production Super Bowl advertisements, Coinbase services crashed temporarily owing to the sudden influx of heavy traffic on its website. Acknowledging the service disruption, a follow-up message on the Coinbase app said:
“Well, that was more popular than we thought. We need a quick time out, but don’t worry. We’ll email you when things are back to normal.”
Coinbase just spent $14 million for a color-changing QR code to bounce around on the screen for 30-seconds during the Super Bowl…
FTX, a crypto exchange founded by Sam Bankman-Fried, spared no expense on its first Super Bowl advertisement, Don’t Miss Out, featuring comedian Larry David.
The advertisement shows David dismissing life-changing technologies right when they were being invented. Portraying as an authority figure in various historic timelines, David is seen rejecting the invention of the wheel, electricity and the toilet.
The comedian further opposes the United States Declaration of Independence. He shows skepticism about landing on the moon and portable music. Finally, when David dismisses the FTX app with an “I don’t think so,” the commercial addresses the viewers:
“Don’t be like Larry. Don’t miss out on the next big thing.”
The next ₿ig thing is here, even if Larry can’t see it.
We’re giving away 7.54 #bitcoin right now to celebrate!
How to enter: 1) Watch our ad! 2) Follow us 3) Retweet this by 11:59 pm EST
Overall, FTX’s advertisement was considered by many as the funniest Super Bowl commercial.
eToro Super Bowl 2022 commercial
Crypto and fiat investment platform eToro’s Super Bowl ad “Flying Your Way” began with a user asking for advice from the eToro community on whether to invest crypto or stocks.
Soon after, the ad shows a large group of users hovering around the city, one of them approaching the user and asking him — “To the moon?”
As a homage to the popular meme coin Shiba Inu (SHIB), eToro’s advertisement also featured a Shiba Inu dog. Moreover, the platform also released an unofficial Super Bowl halftime Bingo card to guess the performance mishaps such as wardrobe malfunction and fireworks.
Ready for the halftime show? Check out our Bingo card full of our best guesses for what happens during the performance.
While eToro deserves an A for effort, the advertisement managed to create only a fraction of the buzz created by the other players.
Crypto.com Super Bowl 2022 commercial
In its first Super Bowl ad, Crypto.com featured basketball legend LeBron James having a conversation with his younger version from 2003. While the young LeBron James was excited to know about a future full of electric cars and other technological advancements, he asks from the real LeBron James if he was ready for what was about to come:
“I can’t tell you everything. But if you want to make history, you gotta call your own shots.”
The commercial made even more sense to the public, considering that LeBron became the highest-scoring player in NBA history just one day before the commercial aired.
With the launch of this advertisement, LeBron James joins the growing list of pro athletes that support crypto’s mainstream adoption — a move well received across the crypto community.
Just last month, Binance CEO Changpeng Zhao stated that the growing restrictions on the crypto advertisement will not have any negative impact on the demand for cryptocurrencies.
Clampdown on crypto advertising is unlikely to have much of an effect on demand, says @binance CEO Changpeng Zhao pic.twitter.com/K5EtuWyxGz
As Cointelegraph reported, CZ told CNBC that the reason why regulators have to limit advertising is probably because of such high demand, adding that “most of our users come from word of mouth anyway.”
Bitcoin (BTC) has given back some of its recent gains, but on-chain data resource Ecoinometrics said that whales are accumulating because they believe the price is attractive from a long-term perspective.
On the downside, analyst Willy Woo believes that $33,000 is a strong bottom for Bitcoin. Popular Twitter trader Credible Crypto citing data from PlanC said that the odds of Bitcoin declining below $30,000 are poor.
Fidelity Digital Assets Head of Research Chris Kuiper believes that Bitcoin’s downside risk could be minimal when compared to other digital assets, but it could rally substantially if it manages to replace gold as a store of value.
Could Bitcoin and altcoins stage a recovery after the recent pullback? Let’s study the charts of the top-5 cryptocurrencies that may attract investor attention in the short term.
BTC/USDT
Bitcoin turned down from the overhead resistance at $45,456 but a minor positive is that the bulls have not allowed the price to break below the 20-day exponential moving average ($41,383).
BTC/USDT daily chart. Source: TradingView
If the price rebounds off the current level, the bulls will try to propel the BTC/USDT pair above $45,456. A close above this level will complete a bullish inverse head and shoulders pattern.
The pair could then rally to $52,088 where the bears are likely to mount a strong challenge. If bulls thrust the price above this level, the pair could start its northward march toward the pattern target at $56,904.
This positive view will be negated if the price breaks and sustains below $39,600. Such a move could open the doors for a possible drop to $36,250.
BTC/USDT 4-hour chart. Source: TradingView
The pair turned down from $45,456 and broke below the moving averages. The bulls are currently attempting to defend the minor support at $41,688.88 but are facing stiff resistance at the moving averages.
If the price turns down from the current level and breaks below $41,688.88, the pair could slide to $39,600. If the price rebounds off this level, then the pair could remain range-bound between $39,600 and $45,456 for a few days.
On the upside, a break and close above the moving averages will be the first indication that bulls have a slight edge. The pair could then rise to $43,920 and later to $45,456.
XRP/USDT
Ripple (XRP) broke and closed above the moving averages on Feb. 7, indicating that the downtrend could be coming to an end. The bears tried to pull the price back below the breakout level at $0.75 but the bulls thwarted their attempt.
XRP/USDT daily chart. Source: TradingView
The price rebounded off $0.75 and the bulls are trying to push the XRP/USDT pair toward the overhead resistance at $1. A break and close above this resistance could open the doors for a possible rally to $1.41.
The moving averages are on the verge of a bullish crossover and the relative strength index (RSI) is in the positive zone, indicating that buyers have the upper hand. This positive view will invalidate on a break and close below $0.75. Such a move will indicate that bears continue to sell on rallies.
XRP/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows that the bulls and the bears are battling it out near the $0.82 mark. The bulls pushed the price above this level but the bears stalled the rally at $0.85 and have pulled the pair back below $0.82.
A minor positive is that bulls are buying the dips to the 50-SMA. If the price rebounds off this support, the bulls will try to drive the pair above $0.85 and challenge the resistance at $0.91. Conversely, a break and close below the 50-SMA could pull the pair to $0.75. A break and close below this support could indicate the start of a deeper correction.
CRO/USDT
Crypto.com’s native coin (CRO) broke above the 50-day SMA ($0.47) on Feb. 7, suggesting that the corrective phase could be over. The price rallied to $0.54 on Feb. 10 where the bears are mounting a strong defense.
CRO/USDT daily chart. Source: TradingView
The moving averages are on the verge of a bullish crossover and the RSI is in the positive territory, indicating that the buyers have a slight edge. If the current rebound off the moving averages sustains, it will suggest that bulls are buying on dips. The bulls will then attempt to push the price above $0.54 and resume the uptrend.
If they can pull it off, the CRO/USDT pair could rise to $0.60 and then to $0.68. Contrary to this assumption, if the price turns down and breaks below the 20-day EMA, the pair could drop to $0.39.
CRO/USDT 4-hour chart. Source: TradingView
The 4-hour chart shows the pair is rising inside an ascending channel pattern. The bulls tried to push the price above the channel but the bears had other plans. They pulled the price back into the channel, trapping the aggressive bulls.
The buyers are attempting to defend the 50-SMA. If the price sustains above the 20-EMA, the bulls will again try to push the pair above the resistance line of the channel. This positive view will invalidate if the price turns down and plummets below the support line of the channel.
FTX Token (FTT) has been volatile inside a broadening formation. The failure of the buyers to propel the price above the resistance line indicates that bears are selling the rallies to this level.
FTT/USDT daily chart. Source: TradingView
However, a minor positive is that bulls are buying the dips in the zone between the 20-day EMA ($43.85) and the 50-day SMA ($41.50). If the price rebounds off the current level, the buyers will make one more attempt to clear the overhead hurdle.
If they manage to do that, the FTT/USDT pair could start a new uptrend. The pair could then rally to $53.50 where the bears may again pose a strong challenge but if this resistance is crossed, the rally could extend to $65.
This bullish view will invalidate if the price turns down and plummets below the 50-day SMA. That will indicate that the pair could extend its stay inside the broadening pattern for a few more days.
FTT/USDT 4-hour chart. Source: TradingView
The failure of the bulls to push the price above the $48 to $50 overhead resistance zone may have attracted profit-booking from short-term traders. The pair has broken below both moving averages and could drop to the 38.2% Fibonacci retracement levels at $41.99.
If the price rises from the current level or $41.99, it will suggest that buyers are accumulating on dips. The bulls will then again try to push the price above the 50-SMA. If they succeed, the pair could challenge the overhead resistance.
On the downside, a break and close below $41.99 could signal the start of a deeper correction to the 50% retracement level at $39.95.
THETA/USDT
Theta Network (THETA) broke and closed above the downtrend line on Feb.10, indicating that the downtrend could be coming to an end. Generally, a rally above a stiff resistance tends to turn back and retest the breakout level.
THETA/USDT daily chart. Source: TradingView
If bulls succeed in flipping the breakout level into support, it suggests a change in sentiment from sell on rallies to buy on dips. The 20-day EMA ($3.49) has started to turn up and the RSI is in the positive territory, suggesting advantage to buyers.
If the price rebounds off the downtrend line, the bulls will attempt to start a new uptrend. A break and close above $4.39 could attract further buying and the THETA/USDT pair could rise toward $6.
This bullish view will invalidate if the price turns down from the current level and plummets below the downtrend line. Such a move will suggest that the break above the downtrend line could have been a bull trap.
THETA/USDT 4-hour chart. Source: TradingView
The pair has been rising inside an ascending channel pattern. The bulls tried to push the price above the resistance line of the channel but the bears did not relent. This may have led to profit-booking by the short-term bears, pulling the price toward the support line.
The price has bounced off the support line on three previous occasions hence, the bulls will again try to defend it. If the price rebounds off the level and rises above the downtrend line, it will signal the resumption of the uptrend.
Alternatively, a break and close below the support line of the channel could signal a deeper correction to $3.20.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
2021 was a big year for cryptocurrency. El Salvador became the first country to adopt Bitcoin (BTC) as legal tender. In November 2021, the price of Bitcoin hit an all-time high approaching the psychologically significant mark of $70,000. And, all along the way, industry influencers like Elon Musk have been tweeting their enthusiasm about cryptocurrency more broadly.
I anticipate 2022 will continue to be an even bigger year for digital currencies as the market grows to reach 1 billion people. Here are the five most prominent trends that I see on the horizon for the year to come.
Institutional trading volume will grow
2022 will be a year in which institutional and retail cryptocurrency adoption, and trading in particular, will continue to grow. Fintech stalwarts PayPal and Square — along with mobile stock-trading platform Robinhood — have all made it easier to buy, sell and trade crypto. And public companies like MicroStrategy, Tesla, Galaxy and Square all added significant amounts of Bitcoin to their balance sheets in 2021.
What’s driving this growth? Aside from upward general momentum, two pieces of evidence reflect the ongoing maturity of the institutional crypto market: market cap and infrastructure.
In 2015, the total crypto market cap was around $5 billion. As of December 2021, it’s grown enormously to above $2 trillion. Bitcoin’s market cap alone was $3.6 billion on Jan. 4, 2015, and its current market cap is around $900 billion. Even the market cap of number two crypto, Ether (ETH), which has a bigger ecosystem of enterprise applications, is around $400 billion, which is close to Visa or JP Morgan Chase.
Even five years ago, core infrastructure was much less developed in crypto. Institutions were struggling to understand how to custody, trade and clear and settle crypto transactions in a reliable, compliant way. There weren’t any true prime brokers in crypto. Now the infrastructure is much more developed and institutions have a better understanding and comfort level with the crypto landscape. As such, I anticipate institutional trading will continue to grow.
Even so, spot crypto trading volume, especially Bitcoin, is still highly fragmented.
Institutional adoption will also accelerate the growth of the crypto derivatives market. More regulation will come too, which will be a very positive development as long as it involves public discourse and is tailored for industry products to allow for adoption and innovation while also meeting regulators’ needs.
In July 2021, Treasury Secretary Janet Yellen urged regulators to act quickly to create a regulatory framework for stablecoins. Since then, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has also called for regulation in this space and indicated this is on the SEC’s agenda.
More institutional service providers and tools will come to market
Still, institutions have a critical need for the right services and tools. There’s been a flurry of activity among startups looking to provide support services, such as crypto asset storage, security and management and investment products, as well as mining hardware and software and payment infrastructure.
Multiple companies had raised funding rounds of at least $300 million by August 2021, including Blockchain.com, BlockFi, Fireblocks, Ledger and Paxos. I expect this to continue as new companies emerge to provide more accessibility into the crypto market than ever before. This, in turn, will open new doors for small and medium-sized funds.
Altcoins will become more popular
Next year I also expect to see altcoins grow in popularity as enthusiasts learn even more about their various use cases. Ether (ETH), for example, is driven by DApp development with a robust ecosystem. However, due to Ethereum’s scalability issues and high gas fees, it has also become challenged by blockchain upstarts like Solana (SOL), Cardano (ADA) and Avalanche (AVAX). Investors see huge growth opportunities, while traders see volatility and cross-pair arbitrage opportunities.
More broadly, I anticipate altcoins will become more popular as investors seek ways to diversify their crypto portfolios. A report from Nasdaq noted that as of October 2021, there were more than 100 altcoins valued at more than $1 billion, which “[implies] a flourishing digital ecosystem.” While altcoin prices can be similarly volatile — and investors should do their research first — many altcoins, including Solana and Polkadot, continue to top lists of cryptocurrencies with the most potential to become the next big thing.
Volume will shift away from Bitcoin into the altcoin Ether and is even now starting to shift. For further proof, look to digital currency asset manager Grayscale Investments, which recently expanded its portfolio of investment products to include a trust focused on Solana.
“We have had a front row seat to the mainstream acceptance and adoption of crypto and increasingly find that investors are diversifying their exposure beyond digital assets like Bitcoin and Ethereum,” Grayscale CEO Michael Sonnenshein said in a recent statement, adding:
“Our family of Grayscale products will continue to expand alongside this exciting asset class, as we remain committed to offering investors opportunities to access the digital economy.”
Regulated DeFi for institutions is coming
Decentralized finance, or the emerging ecosystem of financial applications that use blockchain technology, will have a big year in 2022. The total value locked (TVL) in DeFi grew significantly in 2021.
To date, institutions have remained on the DeFi sidelines because counterparties in DeFi transactions are largely unknown. Whether an institution wants to be a liquidity provider (LP) or trade on a decentralized exchange (DEX), regulatory clarity and compliance are paramount. This is why Aave launched a permissioned DeFi platform, Aave Arc.
In most DEXs, LPs do not have to pass compliance checks such as Know Your Customer and Anti-Money Laundering requirements. Looking forward to 2022, I expect DeFi growth to accelerate. Two challenges will likely be addressed: lack of regulatory clarity and lack of counterparty compliance checks.
More regulatory clarity is likely to emerge as the SEC and other regulatory bodies provide new guidance. And new DeFi platforms for institutions will gain traction. These platforms will require LPs and traders to pass compliance checks and will provide sufficient liquidity for institutions.
With more clarity and the right platforms in place, more institutions will enter the DeFi space.
Security solutions will become more prevalent
Hacks have long been a part of crypto’s history. In 2014, for example, Bitcoin exchange Mt. Gox filed for bankruptcy after hackers reportedly stole millions of U.S. dollars. Four years later, hackers stole from another cryptocurrency exchange, Coincheck. And in August 2021, DeFi platform Poly Network lost $600 million to hackers. MonoX Finance, another DeFi platform, lost $31 million even more recently.
Now, crypto exchanges are starting to make moves to protect themselves and tend to partner with qualified custodians to manage custody risks. For example, Coinbase acquired cryptographic security company Unbound Security in November 2021 to enhance its multi-party computational capabilities. PayPal also acquired another digital asset security provider, Curv. I expect to see similar deals throughout 2022.
The crypto industry moves fast with many twists and turns. But one thing is sure: The signposts for 2022 point to continued growth.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Christophe Michot is the director of business development at Apifiny, a global digital asset trading network for institutions. Before Apifiny, Michot was a senior manager at Kraken and Apple, and a Google alumnus. Michot brings over 20 years of experience in the tech industry, including 10 years dedicated to Bitcoin and crypto.
