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Singapore Steps Up Regulation on Virtual Payments

Any entity that encourages the transmission, trade or capacity of computerized installment tokens (DPT) will currently must be authorized, following improvements to the Payment Services Act, which was passed by Singapore’s parliament.  Such virtual installment suppliers will be liable to extended principles and guidelines set by the Monetary Authority of Singapore (MAS), said Minister for Transport Ong Ye Kung during […]

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Singapore Virtual PaymentsAny entity that encourages the transmission, trade or capacity of computerized installment tokens (DPT) will currently must be authorized, following improvements to the Payment Services Act, which was passed by Singapore’s parliament. 

Such virtual installment suppliers will be liable to extended principles and guidelines set by the Monetary Authority of Singapore (MAS), said Minister for Transport Ong Ye Kung during the second perusing of the bill. 

“This will help minimize the risk of DPT service providers being exploited by criminals to launder illicit proceeds or hide illicit assets,”  said Mr. Ong, who is likewise a board individual from MAS. Ong added that the speed and cross-line nature of exercises identified with the utilization of such digital currencies have higher inborn tax evasion and psychological warfare financing chances. 

MAS presently controls specialist organizations which manage the trading of digital currencies when they have the cash or cryptographic money. Under the change, the position’s forces are extended to remember administrative measures for such suppliers regardless of whether they may not group the cash or cryptographic money included. 

“The bill will broaden the definition of cross-border money transfer service to include facilitating transfers of money between persons in different jurisdictions, where money is not accepted or received by the service provider in Singapore,” said Mr. Ong. “That way, such service providers will come under the regulatory ambit of MAS even if the moneys do not flow through Singapore.”

Different changes to the law incorporate the MAS being given the forces to force measures on cryptographic money specialist co-ops to  “ensure better consumer protection and to maintain financial stability and safeguard the efficacy of monetary policy,” said Mr. Ong. He clarified that the dangers presented to buyers are right now immaterial because of the moderately low use of such cryptographic forms of money in Singapore, however this could change as industry players acquire items with draw in clients. 

The progressions would “enhance the regulatory framework for payment services in line with global regulatory standards and will allow MAS to be nimble and responsive in addressing various risks in the payments landscape,” said Mr. Ong. 

Digital forms of money have been picking up notoriety universally. Over the previous end of the week, Bitcoin saw its value pass USD 30,000 unexpectedly. 

Nearby bank DBS reported a month ago that it will dispatch a computerized trade, which will give tokenization, exchanging and care administrations to institutional and licensed speculators. DBS said Singapore Exchange will take a 10% stake in the advanced trade, while the rest will be claimed by the bank. 

The move comes after Bitcoin, the world’s biggest digital currency, broadened its record rally on Saturday subsequent to hitting US$34,000 unexpectedly.

Get the latest in Asian Bitcoin news here at Coin News Asia.

Source: http://www.coinnewsasia.com/singapore-steps-up-regulation-on-virtual-payments/

Blockchain

Who pulls the trigger on Bitcoin’s volatility?

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The volatility that drove Bitcoin’s price below $31,000 has now brought it up to the $33,000-level, based on CoinMarketCap. In previous market cycles, the volatility has shown a cyclical nature. However, in the current market cycle, it depends on the momentum and activity of institutional investors.

Back in 2018, there was institutional participation. Alas, the momentum was high for only a short period of time and the short-term volatility was what led to a massive drop on the charts. More than the price, the perceived value of Bitcoin has had an impact on the current volatility. Since there was accumulation at the $34,000-level by most institutions and whales, the price was soon heading towards the $34,000-level on the charts again.

Who pulls the trigger on Bitcoin volatility?

Bitcoin Volatility || Source: Woobull Charts

Another metric, the active supply that increased significantly over the past 2 months, more so in 2021, may have led to increased volatility and the price drop on spot exchanges. A high active supply can be equated to increasing sell pressure. The price fluctuates in response to the cascading sell-off, and this is what happened during the “double-spend” sell-off on Thursday.

As demand for Bitcoin on spot exchanges is revived, sell-pressure is expected to ease off. In the current market cycle, institutional investors are pulling the trigger on volatility, even though the sharp sell-off on Thursday raised more questions on the sustainability of the price rally.

However, post the aforementioned price decline, Bitcoin made a comeback with 24-hour gains of over 5%, with the same trading at $33,460, based on CoinMarketCap, at press time.

In light of the inflows of investments into institutions’ Bitcoin products, it is likely that there may be an increase in demand and consequently, in volatility, leading to a short-term top in Bitcoin’s price.

Who pulls the trigger on Bitcoin volatility?

Grayscale’s Bitcoin Holdings || Source: bybt

When the price dropped, Grayscale added over 4% new Bitcoins to its holdings. Despite the significant drop in prices, institutions are not seen liquidating their holdings and if they continue to HODL, the price may continue on its onward trend. The immediate challenge is that of active supply on exchanges and that may drop once OI on derivatives exchanges increases to the level before the drop. This may occur post the Bitcoin Options expiry at the end of January. An increase in trade volume and volatility by institutions may lead the way.

Source: https://ambcrypto.com/who-pulls-the-trigger-on-bitcoin-volatility

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Tezos, Verge, Nano Price Analysis: 23 January

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After Bitcoin clawed back to touch the $32,000-level from the sellers, the rest of the altcoin market took heart and posted gains of their own on the charts. Similarly, altcoins such as Tezos, Verge, and Nano were in the green at press time and projected more upside over the coming sessions.

Tezos [XTZ]

Source: XTZ/USD, TradingView

Taking cues from the broader market, Tezos skyrocketed by nearly 15% on the charts and traded close to $3.20, at press time. Gains over the past 24 hours pushed XTZ’s market cap north of the $2.5 billion mark as it climbed on the rankings to become the 16th-largest cryptocurrency by market cap.

A look at XTZ’s 4-hr chart showed that the price broke above its 20-SMA (red) and 50-SMA (black) and targeted the upper ceiling at $3.45. The next few sessions could be crucial for XTZ, as an extended bull run could push the price all the way to its August 2020 levels.

The Awesome Oscillator highlighted the strong shift of momentum towards the bullish side, as depicted by the green bars on the histogram.

The bullish momentum could perhaps be attributed to Tezos’ recent announcement related to its Homebase Project, a project that allows users to create DAOs on Tezos based on a new smart contracts framework.

On the other hand, the Stochastic RSI traded in the overbought zone and looked primed for a reversal. This indicated that further efforts by buyers would be required to maintain the price above its press time support.

Verge [XVG]

Source: XVG/USD, TradingView

At the time of writing, Verge traded at $0.012, up by 7.5% in the past 24 hours. The price broke above its previous resistance and headed towards the strong resistance line of $0.014. A northbound breakout from $0.014 could confirm an uptrend for XVG, but cues from the broader market would be needed to maintain such bullishness.

The Relative Strength Index was flat and rested in the neutral territory. If the index moves lower over the next few sessions, the price could move towards its latest support line once again.

On the flip side, the MACD witnessed a bullish crossover, signaling the onset of a potential bull run.

NANO

Source: NANO/USD, TradingView

NANO found support at $3.15 as the price seemed bullish over the last 24 hours. However, the bulls were unable to push the price above the resistance at $3.44 as the price settled close to its support level. Going forward, the price could consolidate between the aforementioned channels and an influx of additional buyers would be required for a northbound breakout over the coming days.

The Chaikin Money Flow highlighted the short-term bullishness for the cryptocurrency as the index looked to move above zero, a sign that capital was flowing into NANO.

The Parabolic SAR was also bullish as the dotted markers were observed below the candlesticks.

Source: https://eng.ambcrypto.com/tezos-verge-nano-price-analysis-23-january

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Why now is the best time to buy Bitcoin, Ethereum

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Since Bitcoin hit its ATH, analysts and traders have been anticipating a price drop/correction before a prolonged price rally to buy some more. This is one of the popular upsides of the current price drop in Bitcoin and Ethereum.

Source: Coinstats

As Bitcoin and Ethereum’s price rallies retraced and the trend reversed momentarily, the ratio between BitMEX longs and shorts neutralized. This welcome change followed after several days of relatively high long levels. Since the neutralization, longs are no longer fueling the shorts, and those willing to leverage long into this dip no longer have to do so at unusually high premiums.

At the current price level, on BitMEX, the Bitcoin and Ethereum perpetual contract funding rates are either neutral or in the negative, so this could very well be the moment some bulls were waiting for.

Source: Santiment

This may have created typically the best entry points in 3 months for buying both these assets. Some on-chain analysts believe that the current pullback in Bitcoin is healthy, but it could be one of the last opportunities to accumulate at these low levels. $30,000 is cheap when traders take into account the fact that this could be one of the few drops before the price rallies to a new ATH, as predicted by S2F in August 2020.

The question is – Since it is likely that whales are buying and institutions are buying, are you buying? Retail traders who booked unrealized profits may have sold to whales and institutions buying the dip. Not long ago, when Bitcoin’s price hit its ATH, retail traders on Crypto-Twitter asked for a price drop below $30,000 to buy one last time before a long and more sustained price rally.

If you caught the Bitcoin dip to $31.1k in the early hours on Friday, you would have made a quick 4.5% return. Besides, institutions that bought the dip are profitable yet again, in the same market cycle.

Further, with Bitcoin prices continuing to decline, its social volume has exploded to 6-day high levels and traders are recognizing this as an opportunity to buy Bitcoin at its bottom. This may after all be the best time to buy before the price starts rallying onwards again.

Source: https://ambcrypto.com/why-is-now-the-best-time-to-buy-bitcoin-ethereum

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