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Biden’s cryptocurrency framework is a step in the right direction

Cryptocurrency guidelines released by the Biden administration this month show that officials are considering the benefits of crypto. That’s a step in the right direction.

The White House released its first comprehensive framework this month for the Responsible Development of Digital Assets following President Joe Biden’s March 9 executive order. The order called for regulators to assess the industry and develop recommendations to safeguard investors while simultaneously promoting innovation. While more work is needed, the framework is a step in the right direction as it shows the willingness of regulators to provide the industry with the much-needed regulatory clarity it seeks. 

The framework’s recommendations addressed six key areas to protect market participants, offer access to financial services, and promote innovation. While Biden’s administration has focused more on just the protection of consumers in the industry in the past, it is encouraging to see the framework focus on all three groups in the industry — consumers, investors and businesses. The framework cited a 2018 Wall Street Journal study that showed nearly a quarter of coin offerings had red flags such as plagiarized documents and promises for return on investment. To encourage protection, the framework encouraged regulators to “aggressively pursue” unlawful practices in the industry, redouble enforcement efforts, and increase public-awareness efforts to promote education in this area.

Related: Biden’s anemic crypto framework offered nothing new

Additionally, the framework provided steps for both the Biden administration and Congress to fight against illicit finance, such as amending the Bank Secrecy Act, monitoring transactions, and exposing and disrupting illicit actors.

The framework also discussed promoting access to safe and affordable financial services. This is one of the key positives for the cryptocurrency industry, as it has provided access to financial services to millions around the world. It mentioned the fact that nearly 7 million Americans have no bank account, and another 24 million rely on nonbanking services, which can be costly. By encouraging payment providers to have increased instant access to payment systems, prioritizing the efficiency of cross-border payments, and supporting research in technological and socio-technological disciplines, the framework can help provide much-needed financial services to those in need.

Biden will also consider creating a federal framework to regulate nonbank payment providers, some of which now offer cryptocurrency services. The framework will also provide financial stability by having the Treasury bolster financial institutions’ capacity to identify, track and analyze emerging strategic risks and mitigate cyber vulnerabilities.

The recommendations promote the advancement of responsible innovation in digital assets. Biden does this by having the Office of Science and Technology Policy and the National Science Foundation (NSF) develop a Digital Assets Research and Development Agenda, as well as providing regulatory guidance and technical assistance to innovative American firms in the industry. The NSF will also back social sciences and education to promote safe and responsible digital asset use.

This is a step in the right direction for regulators as it allows them to first understand both the technological benefits of this technology while also tracking the environmental impacts in order to provide a clear strategy for the industry to move forward. This will allow the United States to reinforce its global financial leadership and competitiveness by helping innovative technology and digital asset firms to become stronger in international markets as well as assist foreign and developing countries in building out their digital asset infrastructure with U.S. values intact.

The area where the framework has received the most resistance is related to exploring a U.S. Central Bank Digital Currency (CBDC). While at face value, CBDCs seem to be the best of both fiat and cryptocurrencies, the implications can have widespread negative effects. The recommendations note potential benefits of a U.S. CBDC, such as a more efficient payment system, faster cross-border transactions and environmental sustainability.

Related: Iota co-founder: Lummis–Gillibrand is a blessing for the crypto industry

While these certainly are positives, a CBDC’s main flaw stems from centralization. Having a centralized system governing CBDCs means they are much more easily tracked, have more vulnerable systems when compared to that of Bitcoin, and can lead to a potential increase in data breaches.

With that said, Biden’s officials are simply exploring the use case for CBDCs, meaning that he and his regulators are gathering feedback to determine the best course of action.

Cryptocurrencies have existed for over a decade. Yet, despite the industry looking to the government to provide the regulatory clarity needed to remove much of the uncertainty and doubt, it has not been until this year that the industry finally received an indication of what that clarity may look like.

Biden and the regulatory agencies that submitted nine reports to him have created the first-ever comprehensive regulatory framework for cryptocurrencies. It does a commendable job targeting the areas that are most in need of regulation and by increasing research in this area along with listening to market experts, what is a great first step can become exactly what the industry needs to continue to grow and innovate without a looming threat over its shoulder.

Mitesh Shah is the founder and CEO of Omnia Markets, an artificial intelligence firm providing expertise on financial analytics, trends and insights in the cryptocurrency industry. He specializes in finance and technology and holds an MBA in finance from St. John’s University-Tobin College of Business, as well as a certificate in machine learning from Stanford University.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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NFT trading volume plunges 98% from January despite rise in adoption

During the same period, the number of wallets owning NFTs has increased by about 2.8 million.

According to data compiled from Dune Analytics, the weekly trading volume of nonfungible tokens, or NFTs, across the blockchain realm has plunged to $114.4 million.

This represents a decrease of 98% from the $6.2 billion witnessed around the end of January. Weekly NFT trading volume rose to an all-time high of $146.3 billion in early April before falling off a sharp cliff in May with the start of an ongoing crypto bear market. 

At the same time, however, the number of wallets owning at least one NFT has skyrocketed to 6.14 million, compared to 3.36 million at the end of January. NFT marketplaces also saw a massive change from the beginning of the year, where LooksRare was responsible for most of the dollar trading volume. That has since switched back to OpenSea.io.

The price of NFTs has also fallen sharply as part of a broader plunge in the price of Ethereum (ETH), the most common crypto used to buy and sell digital collectibles. Currently, an NFT only fetches about $285 per sale on average, compared to around $2,000 in early January.

In an interview with Cointelegraph, Tony Ling, founder of NFTGo, said that innovation will continue to drive NFT adoption despite the market downturn. Recently, post offices in Austria have experimented with NFT stamps, while Mastercard has rolled out NFT customized debit cards.

Luxury jeweler Tiffany & Co has also unveiled a customized pendant experience for CryptoPunk NFT holders. Month over month, however, the NFT market continues to worsen as the average NFT weekly trading volume has fallen by about 30% versus the same time in August. 

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CFTC Commissioner Kristin Johnson touts DCCPA bill in market risk advisory meeting

The committee meeting was Johnson’s first as committee sponsor; she chose to concentrate on digital assets and the Digital Commodities Consumer Protection Act in her opening.

The United States Commodity Futures Trading Commission (CFTC) Market Risk Advisory Committee (MRAC) held its first meeting with its new membership Sept. 28. In her opening statement, the committee’s sponsor, Commissioner Kristin N. Johnson, ran through a laundry list of issues for consideration, but spent the bulk of her time talking about digital assets.

This is the first MRAC meeting under Johnson’s leadership. She gave a summary of CFTC actions in the crypto space, including the controversial Ooki DAO case, the recent White House Comprehensive Framework for Responsible Development of Digital Assets and the CFTC roundtable on non-intermediationheld earlier this year.

Investigation, enforcement and new guidance can give clarity and certainty to market participants, Johnson said. Cryptocurrency industry and traditional market participants “desire a clear indication of the Commission’s next steps,” she added.

I’m honored to join my first meeting as an official member of ⁦@CFTC’s⁩ Market Risk Advisory Committee tomorrow at 9:30am. Thank you ⁦@CFTCjohnson⁩ for including me in the discussion. https://t.co/JdR2Ni7Woe

— Kristin Smith (@KMSmithDC) September 28, 2022

Johnson then turned her attention to the Digital Commodities Consumer Protection Act of 2022 (DCCPA), introduced by Senate Agriculture Committee members Debbie Stabenow and John Boozman. The Senate Agriculture Committee has oversight over the CFTC. The bill, she noted, expands the definition of commodity in the Commodities Exchange Act to include digital commodities and requires digital commodity platforms to register with the CFTC.

In addition, the DCCPA would require market participants to join the derivatives markets self-regulatory organization the National Futures Association, which would give customers recourse to the CFTC’s Reparations Program, which is:

“A cost-effective way for customers to address their grievances with a registrant without having to hire a lawyer and engage in costly litigation or arbitration.”

In addition, the DCCPA “may be transformative” in the way it fosters inclusion of underbanked and underrepresented communities in the traditional finance markets, Johnson said.

Related: CFTC labels 34 crypto and forex firms as unregistered foreign entities

The DCCPA is one of several bills in Congress that would regulate digital assets. Others include the Lummis-Gillibrand Responsible Financial Innovation Act and the Digital Commodity Exchange Act of 2022 in the House of Representatives.

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US lawmakers propose amending cybersecurity bill to include crypto firms reporting potential threats

Under the proposed amendment, the 2015 legislation would be renamed the Cryptocurrency Cybersecurity Information Sharing Act.

United States Senators Marsha Blackburn and Cynthia Lummis have introduced proposed changes to a 2015 bill that would allow “voluntary information sharing of cyber threat indicators among cryptocurrency companies.”

According to a draft bill on amending the Cybersecurity Information Sharing Act of 2015, Blackburn and Lummis suggested U.S. lawmakers allow companies involved with distributed ledger technology or digital assets to report network damage, data breaches, ransomware attacks, and related cybersecurity threats to government officials for possible assistance. Should the bill be signed into law, agencies including the Financial Crimes Enforcement Network and the Cybersecurity and Infrastructure Security Agency would issue policies and procedures for crypto firms facing potential cybersecurity risks.

The original bill, which passed in the Senate in October 2015, essentially set up a framework for the U.S. government to coordinate cybersecurity reports from “private entities, nonfederal government agencies, state, tribal, and local governments, the public, and entities” and recommend possible methods to prevent and protect against attacks. Under the proposed amendment, the legislation would be renamed the Cryptocurrency Cybersecurity Information Sharing Act.

Blackburn reportedly told TechCrunch the amendments to the cybersecurity bill would provide a means for crypto firms to “report bad actors and protect cryptocurrency from dangerous practices,” given potential illegal uses. Lummis has also co-sponsored bills in the Senate aimed at providing regulatory clarity to the space by addressing the respective roles of the Securities and Exchange Commission and Commodity Futures Trading Commission over digital assets.

Lummis-Gillibrand would empower the Securities and Exchange Commission to enact clear regulations that define which cryptocurrencies are securities. https://t.co/9oNd5FX89N

— Cointelegraph (@Cointelegraph) September 8, 2022

Related: Blockchain and cybersecurity awareness on the rise — PolySwarm CEO

The original cybersecurity bill stated it would be in effect for 10 years starting on the date of its enactment. As of October 2015, Congress reported the bill was held at the desk of the House of Representatives.

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Genesis director to step down and move into advisory role

“My line is always open and I can’t wait to continue building and learning with all of you,” says Ballensweig.

On Wednesday, Matthew Ballensweig, managing director of cryptocurrency broker Genesis, announced via Linkedin that he was formally leaving his post after over five years of tenure. Ballensweig is also the co-head of sales and trading. As told by Ballensweig, he has been transitioning his core responsibilities to a handful of trusted colleagues who will be taking the front-line role. 

“I am forever thankful to both Digital Currency Group [Genesis’ parent company] and Genesis for giving me the opportunity to build a capital markets business from the ground up. We built an eight-person company huddled in a small office in New York City back in 2017 to a sell-side trading behemoth doing billions in volumes in multiple countries today.”

Ballensweig will stay with the firm in the foreseeable future as an advisor and will “take some time to travel and enjoy the holidays with friends and family before delving into my own next chapter.” Previously, Genesis’ CEO Michael Moro stepped down in August as the company began a transition period. 

It appears that Genesis’ bourgeoning business took a tough hit as part of the overall crypto winter. In July, Moro confirmed that Genesis had investment exposure in the now liquidated Singaporean crypto hedge fund Three Arrows Capital (3AC). According to Moro, the firm had mitigated losses but nevertheless issued a margin call to 3AC that fell on deaf ears.

Despite challenging conditions, Ballensweig says that he will “absolutely” be staying in the crypto ecosystem. “My mission will be to help facilitate the next cycle of growth and mainstream adoption through my expertise in capital and information flow, trading and lending, yield, venture, and bridging institutional participants with crypto-native opportunities,” he stated.

9/ I am excited to share more about what I want to do next with anyone who’s interested in chatting. My line is always open and I can’t wait to continue building and learning with all of you.

— Matt Ballensweig (@MattBallen4791) September 28, 2022

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JPMorgan’s CEO feels threatened by disruption in payment systems: Kevin O’Leary

At Converge22, the Shark Tank host said stablecoins are set to lead to a reduction in friction and fees worldwide.

JPMorgan Chase’s CEO Jamie Dimon feels threatened by how the crypto space is disrupting the payment systems, stated the Shark Tank host and multi-millionaire venture capitalist Kevin O’Leary speaking at a Converge22 panel on Sept 28. 

O’Leary made his remarks after Dimon declared himself as a “major skeptic” on “crypto tokens, which you call currency, like Bitcoin,” referring to them as “decentralized Ponzi schemes” in his testimony to the United States Congress last week.

Still on the panel, O’Leary explained that friction is one of the major problems in the traditional financial system and, plus, it’s how banks profit on transaction fees, adding that stablecoins could lead to a reduction in fees throughout the world. He stated:

“This isn’t about speculation on asset price. This is about reducing the fees of how the world’s economies work, more transparent, more productive, completely auditable, regulated, but less expensive. So, does Jamie Dimon feel threatened? You are damn right, he does. That is a big part of how he makes money.” 

Regarding the regulatory environment in the US, the venture capitalist explained that sovereign wealth and pension funds are waiting for regulation before adding digital assets to their portfolios, noting that:

“If you are a sovereign wealth fund or a country that is oil rich, perhaps you are generating a quarter of $1,000,000 in the 12 hours. The only place on earth you can plot that is in the S&P. The only way you can do that is to be compliant with the SEC rules. They are never going to make a move against the SEC in any way until these rules are determined.”

According to O’Leary, a regulatory shift in the US approach to digital assets would lead to a 10% appreciation for all crypto assets overnight. US lawmakers are working on a bill to regulate stablecoins that could be approved by year’s end.

Stablecoins are a class of cryptocurrencies that attempt to offer investors price stability, either by being backed by specific assets (such as the US dollar) or using algorithms to adjust their supply based on demand.

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Walmart dives into the Metaverse: Nifty Newsletter, Sept 21-27

UNICEF Giga used NFTs to help raise funds to give schools in developing countries the ability to connect to the internet.

In this week’s newsletter, read about how UNICEF is using nonfungible tokens (NFTs) to help connect schools to the internet and how post offices are able to revive the philately sector through NFTs. Check out how an NFT gaming project lets many aspects of its game be customizable and sold as NFT packs. In other news, Animoca Brands co-founder Yat Siu spoke with Cointelegraph and shared his thoughts about Asia’s perception of NFTs. And, don’t forget this week’s Nifty News featuring Walmart’s entry to the Metaverse. 

UNICEF Giga NFTs to connect schools in developing countries to internet

Humanitarian aid organization UNICEF has utilized NFTs as a means of raising funds to help with its mission of providing internet access to schools located in developing regions all over the world. Through its Giga initiative, it aims to help 1.1 million schools across 49 countries.

In a Cointelegraph interview at the Blockchain Expo in Amsterdam, Giga blockchain product manager Gerben Kijne mentioned that their NFT fundraising initiative attracted both UNICEF supporters who had bought NFTs for the first time and NFT collectors who wanted to get the NFTs because it was made by UNICEF.

Continue reading…

Post offices adopting NFTs leads to a philately renaissance

European post offices utilized NFT popularity to jumpstart the philately sector, an area focusing on the study of postage stamps. PostAG philately head Patricia Liebermann and PostNL product manager Sacha Van Hoorn are leading the charge.

Speaking to Cointelegraph at the Blockchain Expo in Amsterdam, Liebermann said that they combined NFTs with physical stamps and got overwhelming feedback. According to Liebermann, they started exploring NFT postage stamps in 2019 and determined that there is a market out there who are interested in this new way of collecting.

Continue reading…

NFTs bring in-game ownership to a new level, says Blokhaus founder

Gaming is a very popular use case for NFTs. There have been many NFT gaming projects flooding the Web3 space. Despite this, one project wants to surpass the competition by making every component of its game NFTs customizable.

In an interview with Cointelegraph, Blokhaus Inc. founder Mark Soares gave a description of how their project aims to reach gamers. According to the executive, they allow the creation of their own characters within their own scenes, and these can be sold as NFT packs to other gamers.

Continue reading…

Yat Siu: Asia GameFi opportunity huge as gamers don’t hate NFTs

Yat Siu, the co-founder of Animoca Brands, spoke with Cointelegraph at the Asia Crypto Week and argued that the Asian region presents a lot of opportunities for GameFi projects. The executive highlighted that Asia is very welcoming to NFTs compared to other regions and has the potential to lead the blockchain gaming space.

Siu mentioned that western gaming companies usually deal with consumer resistance when it comes to NFTs. However, in Asia, the executive noted that this did not happen and cited the differences in Asians’ perception of capitalism.

Continue reading…

Nifty News: Walmart steps into the Metaverse, @NFT founder hacked and more

Retail giant Walmart has dived into the Metaverse by launching its Walmart Land and Walmart’s Universe of Play on the online game Roblox. Meanwhile, the owner of the banned handle @NFT has claimed to have lost $1 million in Ether (ETH) and NFTs after an exploit.

Continue reading…

Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.

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Price analysis 9/28: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB

BTC price caught a bid, leading to a similar-sized boost in select altcoins, but on a macro level, $20,000 remains a strong overhead resistance.

The S&P 500 fell for six days in a row and made a new year-to-date low on Sept. 27, but Bitcoin (BTC) maintained its outperformance and stayed well above its June low. This could be a positive sign because markets that show strength on the way down are the ones that outperform in the event of a recovery.

The United States equities markets rebounded sharply on Sept. 28 after the Bank of England announced a bond-buying program and the U.S. Treasury yields pulled back from multi-year highs. As this occurred, strong buying in Bitcoin took place, but BTC was unable to break above its overhead resistance.

Daily cryptocurrency market performance. Source: Coin360

A ray of hope for cryptocurrency traders is that October has historically been a strong month for Bitcoin. Barring 2014 and 2018, Bitcoin has managed a positive close in October every year since 2013, according to data from Coinglass.

Although history favors a bounce in October, traders should be careful because the macroeconomic situation is unprecedented and remains a challenge.

Could Bitcoin and altcoins close September on a strong note? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin soared above the 20-day exponential moving average (EMA) ($19,576) on Sept. 27 but the bulls could not sustain the higher levels. This evaporated all intraday gains. The bears pounced on this opportunity and tried to sink the price below the immediate support of $18,626 on Sept. 28 but the long tail on the day’s candlestick shows strong buying at lower levels.

BTC/USDT daily chart. Source: TradingView

The positive divergence on the relative strength index (RSI) remains intact and is pointing to a possible recovery. If the price breaks and sustains above the 20-day EMA, the likelihood of a rally to the downtrend line increases. The bears are likely to defend this level with vigor.

If the price turns down from the downtrend line, the BTC/USDT pair could drop to the 20-day EMA. A bounce off this level will suggest that the sentiment could be changing from selling on rallies to buying on dips. If buyers push the price above the downtrend line, the pair could reach $22,799.

To invalidate this bullish bias, the bears will have to sink the price below $18,125. The pair could then retest the June low of $17,622. A break below this support could signal the resumption of the downtrend. The pair could then decline to $14,500.

ETH/USDT

Ether (ETH) turned down sharply from the 20-day EMA ($1,411) on Sept. 27 but rebounded off the $1,262 support on Sept. 28. This shows that bears are selling on rallies and bulls are buying on dips.

ETH/USDT daily chart. Source: TradingView

The ETH/USDT pair is currently stuck between $1,250 and $1,410. If bulls push the price above the overhead resistance, the pair could rally to the resistance line of the descending channel. The bulls will have to surmount this obstacle to suggest a potential trend change.

If the price turns down from the current level or the overhead resistance and breaks below the support at $1,250, it will suggest that the selling pressure is building up. This could increase the likelihood of a break below the channel. The pair could then slide to the psychological level of $1,000.

BNB/USDT

The bulls nudged BNB above the resistance line of the descending channel pattern on Sept. 27 but they could not go past the 50-day SMA ($287). This attracted heavy selling and the price slipped back below the 20-day EMA ($276).

BNB/USDT daily chart. Source: TradingView

The long tail on the Sept. 28 candlestick shows that the bulls have not given up and may make another attempt to pierce the overhead resistance at the 50-day SMA. If they can pull it off, it will suggest a potential trend change in the short term. The BNB/USDT pair could first move up to $300 and then attempt a sprint to $338.

On the other hand, if the recovery turns down from the moving averages, it will suggest that the bears are active at higher levels. The pair could then retest the immediate support at $258.

XRP/USDT

XRP’s sharp rally to $0.56 has retraced to the breakout level of $0.41. The 61.8% Fibonacci retracement level is close to this level and the 20-day EMA ($0.41) is also nearby. Hence, buyers are likely to defend the level with all their might.

XRP/USDT daily chart. Source: TradingView

If the price rebounds off the current level, the XRP/USDT pair could attempt a rally to $0.47 and then to $0.52. The bears could offer a stiff resistance in this zone. If the price turns down from this zone, the pair could consolidate in a range for a few days.

The failure to defend the breakout level of $0.41 will suggest that the recent rally may have been a bear trap. The pair could then drop to the 50-day SMA ($0.37). If this support also cracks, the pair could complete a 100% retracement and tumble to $0.32.

ADA/USDT

The long wick on Cardano’s (ADA) Sept. 27 candlestick shows that bears continue to sell the recovery to the 20-day EMA ($0.46). The bears are trying to cement their advantage by sustaining the price below the uptrend line.

ADA/USDT daily chart. Source: TradingView

If they manage to do that, the ADA/USDT pair could slide to the crucial support of $0.40. This is an important level for the bulls to defend because if they fail in their endeavor, the pair could resume its downtrend. The pair could then decline to $0.33.

On the upside, buyers will have to push the price above the moving averages to suggest that the selling pressure could be reducing. The pair could then rise to the downtrend line. A break above this level could open the doors for a possible recovery to $0.60.

SOL/USDT

Solana (SOL) attempted to break above the 50-day SMA ($35) on Sept. 27 but the bears were in no mood to let go of their advantage. They sold aggressively and pulled the price back below the 20-day EMA ($33).

SOL/USDT daily chart. Source: TradingView

If the SOL/USDT pair does not give up much ground from the current level, the buyers may again attempt to push the price above the 50-day SMA. The repeated retest of a resistance level tends to weaken it and improves the prospects of a break above it. If the price rises above the 50-day SMA, the pair could rally to $39.

The bears may have other plans as they will try to sink the pair to the strong support at $30. If this support collapses, the pair could retest the June low at $26.

DOGE/USDT

Dogecoin’s (DOGE) recovery faded just above the 50-day SMA ($0.07) on Sept. 24 and the price slipped back near the strong support at $0.06 on Sept. 28.

DOGE/USDT daily chart. Source: TradingView

The 20-day EMA ($0.06) is flattening out and the RSI is just below the midpoint, suggesting a balance between supply and demand. If bears want to assert their dominance, they will have to sink and sustain the price below the immediate support near $0.06. That could result in a retest of the June low near $0.05.

If bulls want to tilt the advantage in their favor in the near term, they will have to push and sustain the price above the overhead resistance at $0.07. The DOGE/USDT pair could then start its journey to $0.09.

Related: Bitcoin holds $19K, but volatility expected as Friday’s $2.2B BTC options expiry approaches

DOT/USDT

Polkadot’s (DOT) rebound off the strong support at $6 fizzled out near the 20-day EMA ($6.68) on Sept. 27. This indicates that the bears have not given up and are selling on every minor rally.

DOT/USDT daily chart. Source: TradingView

The price is getting squeezed between the 20-day EMA and the support at $6. This uncertainty could resolve with a strong range breakout but it is difficult to predict the direction with certainty. Therefore, it is better to wait for the breakout to happen before taking directional bets.

If the price plummets below $6, the DOT/USDT pair could start the next leg of the downtrend and dive to $4. On the contrary, if the price explodes above the 20-day EMA, the pair could climb to the 50-day SMA ($7.37) and then to the overhead resistance at $8.

MATIC/USDT

Polygon (MATIC) turned down from the 20-day EMA ($0.78) on Sept. 27, indicating that the sentiment remains negative and traders are selling on rallies to resistance levels.

MATIC/USDT daily chart. Source: TradingView

The bears will attempt to strengthen their position by pulling the price below the $0.72 to $0.69 support zone. If this zone gives way, the selling could pick up momentum and the MATIC/USDT pair could drop to $0.62. The downsloping moving averages and the RSI in the negative territory indicate a minor advantage to bears.

Alternatively, if the price rebounds off the support zone, the bulls will again try to drive the pair above the 20-day EMA. If they succeed, the pair could rise to the 50-day SMA ($0.84).

SHIB/USDT

Shiba Inu (SHIB) has been trading near the 20-day EMA ($0.000011) for the past few days, indicating that the bulls are not dumping their positions as they anticipate the price to move higher.

SHIB/USDT daily chart. Source: TradingView

If bulls propel the price above the 20-day EMA, the SHIB/USDT pair could rise to the overhead resistance at $0.000014. The bears may mount a strong resistance at this level but if bulls overcome this barrier, the pair could start its march toward $0.000018.

This positive view could invalidate in the near term if the price turns down from the current level and breaks below the support at $0.000010. The pair could then drop toward the important support at $0.000007.

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.

Market data is provided by HitBTC exchange.

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Voyager’s auction did not serve depositors’ best interests, alleges Wave Financial rep

According to the Los Angeles management firm, “better bids were on the table” for depositors and the community.

The assets of crypto brokerage firm Voyager Digital would face a drastically different fate if FTX did not win the bid, claimed a spokesperson of Wave Financial while speaking to Cointelegraph. The spokesperson arguin that better bids were on the table, but they “were passed over for strictly cash offers.”

Wave, an SEC-registered digital asset management company with over $1 billion in assets under management (AUM), participated in the auction process, bidding a slightly lower amount than FTX for the assets. FTX secured the winning bid with an amount of $1.4 billion, which must now be approved by the U.S. Bankruptcy Court.

Wave defended its proposal as the only one seeking to maintain the Voyager brand and create a new exchange model that caters to the crypto community, regardless of the financial difference in the bid.

Related: FTX US wins auction for Voyager Digital’s assets

In particular, Wave’s proposal sought to “restore value in the VGX token via new and improved utility, saving $200M worth of funds and redistributing assets back to existing Voyager customers,” and “extend a revenue share program to depositors through the new exchange model, driven by the liquidity and community of leading layer-1 protocols who joined as investors and minority owners.” A Wave’s spokesperson also noted that:

“Wave was the only remaining bidder during the blind auction process (held the week of September 12 in NYC) that took a “white knight” approach, prioritizing the depositors’ financial interests by restoring value in the VGX token and creating a long-term revenue sharing model — both of which returned substantial equity directly to depositors.” 

Following the winning bid, FTX provided limited information regarding how Voyager customers will be able to access their crypto holdings. According to Voyager, information regarding crypto access will be shared as it becomes available.

On July 5, Voyager filed for Chapter 11 bankruptcy, a process that allows firms to retain ownership of their assets and continue operating while they restructure or sell the company, following an insolvency worth over $1 billion after crypto hedge fund Three Arrows Capital (3AC) defaulted on a $650 million loan.

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Israel, Norway and Sweden central banks partner with BIS to explore CBDC payments

The Project Icebreaker initiative aimed to improve cross-border payments by reducing costs and increasing speed and transparency, with a final report expected in Q1 2023.

The Bank for International Settlements, or BIS, has reported it will be partnering with the central banks of Israel, Norway and Sweden to explore international retail and remittance payments use cases for central bank digital currencies, or CBDCs.

In a Sept. 28 announcement, the BIS said the collaboration — named Project Icebreaker — will involve the bank’s Innovation Hub Nordic Centre testing key functions and the technological feasibility of interlinking domestic CBDC systems. The central banks will develop a new hub in which the Central Bank of Norway, the Bank of Israel, and Sveriges Riksbank can connect their proof-of-concept CBDC systems.

Beju Shah, the head of the Innovation Hub Nordic Centre, said the experiment will explore CBDC designs and architecture, as well as related policy concerns. The project aimed to improve cross-border payments using CBDCs by reducing costs and increasing speed and transparency, with a final report expected in the first quarter of 2023.

“Efficient and accessible cross-border payments are of extreme importance for a small and open economy like Israel and this was identified as one of the main motivations for a potential issuance of a digital shekel,” said Bank of Israel deputy governor Andrew Abir. “The results of the project will be very important in guiding our future work on the digital shekel.”

The #BISInnovationHub Nordic Centre, @riksbanken @NorgesBank and Bank of Israel are launching Project Icebreaker to explore how #CBDCs can be used for international retail and remittance payments using a hub-and-spoke model. Read more: https://t.co/1aRTCtJprM pic.twitter.com/CR1tCdAh1j

— Bank for International Settlements (@BIS_org) September 28, 2022

The BIS reported on Sept. 27 that a CBDC pilot involving the central banks of Hong Kong, Thailand, China and the United Arab Emirates was “successful” after a month-long test facilitating $22 million worth of cross-border transactions. Other countries’ central banks have launched similar initiatives related to improving cross-border settlements, as institutions in Australia, Singapore, Malaysia and South Africa announced in September 2021.

Related: Australian pilot CBDC test for eAUD to commence mid-2023: RBA White Paper

The Central Bank of Norway, the Bank of Israel and Sveriges Riksbank have all been considering the benefits of rolling out their respective CBDCs, while China reportedly expanded the trials of its digital yuan to larger swaths of the country in September. In the United States, lawmakers and regulators have taken different approaches to explore the digital dollar, while a March executive order from President Joe Biden had government departments and agencies research the benefits and risks of a CBDC.

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