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2023-03-01 15:00:24 Next 5-10 years are probably your last opportunity to make x100-x1000 in the Crypto market.

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2023-02-26 20:00:07 ​South Africa Added to FATF ‘Grey List’ Despite Designation of Crypto as a Financial Product

In a move seen as a major setback for South Africa, the international financial watchdog, the Financial Action Task Force, announced on Feb. 24 that it had added the country to its “grey list.” Getting grey-listed by the financial watchdog potentially makes it difficult for South Africa to obtain loans from foreign banks.

The global financial crimes watchdog, the Financial Action Task Force (FATF), has added South Africa to its grey list, which is a group of countries that are “committed to resolving swiftly the identified strategic deficiencies within agreed timeframes.” According to one report, the inclusion of South Africa in the FATF’s so-called grey list is a major reputational setback for the country which has been eager to avoid being added to the list.

South African financial industry regulator designated crypto as a financial product after the FATF reportedly voiced its concerns over the lack of regulation of such assets. At the time, some commentators suggested that this move would help South Africa avoid getting grey-listed.

However, in its Feb. 24 statement, the South African Reserve Bank (SARB) seemingly acknowledged that the country has not done enough to avoid getting grey-listed. The bank nevertheless vowed to “strengthen its supervision and further enhance the dissuasiveness and proportionality of administrative sanctions issued.”

The SARB added that banks and other financial institutions also have a role to play in resolving the deficiencies identified by the FATF.

“The SARB expects banks and other financial institutions within its purview to comply fully with all their obligations and applies a high standard of supervision that is necessary to safeguard and protect the integrity of the financial system. These actions, when coupled with measures and actions undertaken by law enforcement and other authorities within South Africa, serve to achieve an effective AML/CFT/CPF system,” the central bank said.

According to a Reuters report, being on the FATF’s grey list could potentially make it hard for South Africa to secure loans from foreign banks perturbed by the watchdog’s move. The report also quotes an International Monetary Fund document from 2021 which suggested that countries on this list will sometimes see the flow of capital into their respective economies getting disrupted. Open / Comment

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2023-02-19 20:00:17 ​Bank of America, Goldman Sachs, JPMorgan, UBS Share Predictions About Further Fed Rate Hikes

Bank of America, Goldman Sachs, JPMorgan, and UBS have shared their predictions about the Federal Reserve raising interest rates further. Bank of America and Goldman Sachs, for example, now expect the Fed to raise interest rates three more times this year.

As the U.S. Federal Reserve continues its fight against inflation, several major banks — including Bank of America, Goldman Sachs, UBS, and JPMorgan — have shared their predictions about how much more the Fed will raise interest rates this year.

Goldman Sachs said in a note Thursday that it now expects the U.S. central bank to raise interest three more times this year after data released Thursday pointed to persistent inflation and a resilient labor market. The bank, which previously predicted 25-basis-point rate increases in the Fed’s March and May meetings, now expects another rate hike in June. The firm’s economists, led by Jan Hatzius, head of the Global Investment Research Division and chief economist, detailed:

In light of the stronger growth and firmer inflation news, we are adding a 25bp (basis points) rate hike in June to our Fed forecast, for a peak funds rate of 5.25%-5.5%.

Bank of America Global Research similarly expects to see three more interest rate increases from the Federal Reserve this year. The bank said earlier that it expected the Fed to raise interest rates by 25 basis points each in its March and May meetings. Bank of America now expects another 25-basis-point rate hike in the Fed’s June meeting, which will push the terminal rate up to a 5.25%-5.5% range. The bank explained in a client note this week:

Resurgent inflation and solid employment gains mean the risks to this (only two interest rate hikes) outlook are too one-sided for our liking.

European investment bank UBS also said it expects the Federal Reserve to raise interest rates by 25 basis points at its March and May meetings, which may leave the Fed funds rate at the 5%-5.25% range. While most people are not expecting the Fed to cut interest rates this year, UBS estimated that the U.S. central bank would ease interest rates at its September meeting. The global investment bank recently wrote in a client note:

- We expect the FOMC (Federal Open Market Committee) to turn around and begin to cut interest rates at the September FOMC meeting.

Meanwhile, JPMorgan Chase has forecast the terminal rate at 5.1% by the end of June. JPMorgan CEO Jamie Dimon said in an interview with Reuters last week that the Federal Reserve could raise interest rates above the 5% mark. Emphasizing that it is too early to declare victory against inflation, Dimon opined:

- It’s perfectly reasonable for the Fed to go to 5% and wait a while.

However, if inflation comes down to 3.5% or 4% and stays there, “you may have to go higher than 5% and that could affect short rates, longer rates,” the JPMorgan executive cautioned.

Federal Reserve Chairman Jerome Powell and several other Fed officials have said that more interest rate hikes are needed to curb inflation. A poll conducted by Reuters, published Tuesday, showed that 46 out of 86 economists have predicted that the Federal Reserve will increase interest rates by 25 basis points in March as well as May. Open / Comment

2023-02-12 20:00:12 ​IMF Report on El Salvador’s Bitcoin Adoption: Risks Averted, but Transparency Needed

According to a recent mission statement published by the International Monetary Fund (IMF), El Salvador has adopted bitcoin as legal tender and has avoided risks so far. The IMF states that the risks have not materialized due to the limited use of bitcoin. However, the United Nations financial agency warns that if its legal tender status drives growth, it could pose risks to the country’s “financial integrity and stability.”

On Feb. 10, 2023, the International Monetary Fund (IMF) released a concluding mission statement regarding El Salvador and its economy. The IMF visited San Salvador from Jan. 30 to Feb. 8 for the 2023 Article IV consultation. In the statement, the IMF discusses bitcoin adoption in El Salvador and states that “risks should be addressed.” Currently, the IMF acknowledges that the risks it raised in 2021 have mostly been avoided.

“While risks have not materialized due to the limited bitcoin use so far—as suggested by survey and remittances data—its use could grow given its legal tender status and new legislative reforms to encourage the use of crypto assets, including tokenized bonds (Digital Assets Law),” the IMF’s researchers detail. “In this context, underlying risks to financial integrity and stability, fiscal sustainability, and consumer protection persist, and the recommendations of the 2021 Article IV remain valid.”

El Salvador declared bitcoin as legal tender in September 2021, and since then, growth has been sluggish. The country has made regular bitcoin investments and added it to its treasury. However, the IMF emphasizes the need for more transparency in the government’s bitcoin purchases and the Chivo wallet, which is state-owned. “Greater transparency regarding the government’s bitcoin transactions and the financial status of the state-owned bitcoin wallet (Chivo) is crucial, particularly to evaluate underlying fiscal contingencies and counterparty risks,” the agency noted.

Besides the risks associated with bitcoin, the slow pace of its adoption, and adverse economic shocks, the Salvadoran economy grew rapidly last year, according to the IMF. The IMF estimates that the economy expanded by 2.8% in 2022. Amid mounting economic vulnerabilities in 2022, the IMF asserts that the Salvadoran Treasury still lacks access to international capital markets.

The IMF identifies two major issues that the Salvadoran government could address: implementing better Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) policies and increasing fiscal transparency. Open / Comment

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2023-02-05 20:00:12 ​NFT Market Remains Resilient With 1.23% Increase in Sales, Ethereum Dominates With 81% of Total NFT Settlements

Non-fungible token (NFT) sales rose slightly last week, increasing 1.23% to $232.49 million in recorded sales. The top two NFT collections, Otherdeed and Doodles, saw growth of 44% to 58% compared to the previous week. Ethereum continues to dominate the NFT industry, accounting for more than 81% of total sales last week with $188.51 million in NFT sales.

NFT sales remain steady this week and during February 2023, with $39.72 million in recorded sales so far this month. Over the past seven days, there were $232.49 million in NFT sales, a 1.23% increase compared to the previous week.

During that time, 481,917 buyers participated in NFT sales, 19.30% more than the previous week. Additionally, 1,390,784 NFT transactions were processed, a 3.21% increase over the prior week. Of the $232.49 million in sales, Ethereum had the most out of the 20 blockchain networks listed on cryptoslam.

Ethereum accounted for 81% of total NFT sales, or approximately $188.51 million in settlements. The second largest blockchain for NFT sales was Solana, which processed $27.40 million in the past week, a decrease of 2.65% from the previous week. Immutable X ranked third in NFT sales, with sales rising 37.85% to $4.5 million.

The remaining top NFT sales blockchains, in order, are Cardano, Polygon, Flow, BNB Chain, and Arbitrum. Fantom saw the largest increase in NFT sales this week, with a 73.81% rise, although only $17,064 in NFT sales were settled in the past seven days.

This past week, the top NFT collection was Otherdeed, with sales rising 44.37% to $17.33 million. Doodles saw a 58.49% increase, reaching $13.88 million in total sales. Otherdeed and Doodles were followed by Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), and Checks VV Edition.

The highest NFT floor value on February 5, 2023, was for Cryptopunks, at 63.99 ether at 8:00 a.m. Eastern Time. The second highest floor value belonged to the BAYC collection, with a slightly lower value of around 63.5 ether.

The most expensive NFT sales from the past week include: Bored Ape Yacht Club #8,483, which sold for $581,000 seven days ago but then sold again for $490,000 two days later; Cryptopunk #2,311, sold for $511,000 three days ago; Cryptopunk #9092, sold for $496,000 four days ago; BAYC #8,483, making the fourth largest sale after being sold twice; and Cryptopunk #9,611, sold for $482,000 four days ago.

The fifth most expensive sale was Cryptopunk #9,611, followed by Hausphases #379, which sold for $461,000 on Sunday, Feb. 5, 2023. Open / Comment

2023-01-29 20:00:05 ​New York Considers Bill to Establish Cryptocurrency as a Form of Payment for State Agencies

A bill has been introduced in the U.S. state of New York to allow state agencies to accept cryptocurrency payments, including bitcoin, ether, litecoin, and bitcoin cash. The legislation proposes allowing crypto to be used as “a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges,” and more.

New York State Assembly member Clyde Vanel introduced a bill Thursday that “establishes cryptocurrencies as a form of payment for state agencies,” according to the bill’s description on the New York State Senate website. Assembly Bill A2532 has been referred to the New York State Assembly Committee on Government Operations. According to its summary, the bill:

Establishes that state agencies are allowed to accept cryptocurrencies such as bitcoin, ethereum, litecoin and bitcoin cash as payment.

The bill seeks to amend New York’s state finance law by adding “cryptocurrency as a form of payment.” The legislation defines cryptocurrency as “any form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank including but not limited to, bitcoin, ethereum, litecoin, and bitcoin cash.”

According to its text, the bill proposes authorizing state agencies to enter into agreements with individuals or entities to accept cryptocurrency “as a means of payment of fines, civil penalties, rent, rates, taxes, fees, charges, revenue, financial obligations or other amounts, including penalties, special assessments and interest, owed to state agencies.”

This week, Arizona State Senator Wendy Rogers introduced a similar bill to allow state agencies to accept cryptocurrency. She also launched a bill to make bitcoin legal tender in her state. Open / Comment

2023-01-22 20:00:06 ​Bitcoin’s Crypto Market Action Holds the Upper Hand as Dominance Level Surpasses 40%

On Jan. 21, 2023, the price of bitcoin reached a 24-hour high of $23,333 per unit at 5 a.m. Eastern Time on Saturday. The entire crypto-economy is now valued at $1.05 trillion after rising 7.2% against the U.S. dollar. Bitcoin’s price rise has led to the crypto asset’s dominance level surpassing the 40% region among thousands of crypto assets, as the digital currency’s market valuation has climbed to $443 billion.

Bitcoin jumped above the $23,000 zone on Jan. 21 and the crypto asset’s value is now 37.2% higher than it was 30 days ago. The increase has pushed BTC’s dominance level above the 40% region. According to coinmarketcap (CMC) data, BTC’s dominance level on Jan. 21 is around 42.4%.

The leading crypto asset’s dominance level rose above the 40% region after the first week of January 2023. The crypto economy aggregator coingecko (CG) indicates that bitcoin’s dominance is around 41.1% on Jan. 21. Bitcoin’s dominance is the digital currency’s market capitalization divided by the crypto economy’s entire market valuation.

From 2009 to 2017, BTC’s dominance level held above the 80% range. But after dropping below 80%, the dominance level never returned to that position. While BTC’s dominance is around 41-42% today, CG metrics show the second-leading crypto asset, ethereum (ETH), has a dominance level of around 18.4%.

CMC data suggests ETH’s dominance is around 19.3% out of the $1.05 trillion in U.S. dollar value. Other major dominant players in January 2023 include tether (USDT) as it commands 6.33% market dominance, and binance coin (BNB) has a dominance level of around 4.57%.

The stablecoin USDC has a market dominance level of around 4.13%, and XRP’s is roughly 1.99%, according to CMC statistics on Saturday afternoon at 11:30 a.m. Eastern Time. Between BTC, ETH, USDT, BNB, USDC, and XRP, the dominance level of all six coins is around 78.72% on Jan. 21. The last time BTC’s dominance was this high was six months ago in mid-July 2022. Open / Comment