Biden Releases Anti-Corruption Strategy Targeting Cryptocurrency

The White House recently released a first-of-its-kind, 38-page report detailing new efforts to fight state and financial corruption. It breaks down the effort into five strategic pillars, one of which bears mention of a new “National Cryptocurrency Enforcement Team”.

Prosecuting Crypto Criminals

The Biden Administration released the document through a statement from the White House’s website on Monday. As reads the statement, the strategy places particular emphasis on reducing “the ability of corrupt actors to use the U.S. and international financial systems to hide assets and launder the proceeds of corrupt acts.”

Under pillar III, titled “Holding Corrupt Actors Accountable,” it states that the DOJ will combat the use of cryptocurrencies for illicit finance through a new, dedicated task force:

“DOJ will utilize a newly established task force, the National Cryptocurrency Enforcement Team, to focus specifically on complex investigations and prosecutions of criminal misuses of cryptocurrency, particularly crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.” 

Money laundering is a persistent concern among regulators regarding cryptocurrencies – especially stablecoins. From Gary Gensler to Jerome Powell, fiat-pegged digital assets are perceived as unregulated avenues for global payment that can scale rapidly across illegal payment networks, due to their high liquidity. 

Illicit Uses of Cryptocurrencies

That wasn’t the only mention of crypto in the strategy: pillar II titled “Curbing Illicit Finance” re-states the United States’ efforts to review risks posed by digital assets, and to cooperate with other nations in developing a central bank digital currency. 


While recognizing the efficiencies and conveniences created by the technology, it names numerous illicit activities for which crypto is purportedly used, including narcotics trafficking and sanctions evasion. 

Cryptocurrencies are also an increasingly popular tool for ransomware attacks. The non-reversible nature of crypto transactions leaves victims with no recourse to get their money back from cybercriminals that extort them for money. Earlier this year, John Oliver targeted Monero for marketing itself as a tool for such bad actors. 


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to $1750.

You Might Also Like:


Tagged : / / / / /

Crypto Price Prediction: ‘Ugly’ Bitcoin Bubble Warning As Ethereum, Solana, Cardano And XRP Suddenly Rebound

Bitcoin and cryptocurrency prices have rebounded after a sudden sell-off last weekend wiped around $300 billion from the combined crypto market—with some betting the market is heading far higher.

Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains’

The bitcoin price is now trading almost 30% down from its all-time high of around $69,000 per bitcoin set last month, settling at just over $50,000 after crashing to under $42,000. Smaller cryptocurrencies ethereum, Binance’s BNB, solana, cardano, and Ripple’s XRP have also bounced back after the crash.

Now, one financial adviser has made a stark bitcoin and crypto price prediction, warning cryptocurrency “is one of the biggest bubbles ever” and when it bursts “it’s going to be ugly.”

Sign up now for the free CryptoCodex—A daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday

MORE FROM FORBES$300 Billion Crypto Price Crash: What Next For Bitcoin, Ethereum, BNB, Solana, Cardano, XRP And Terra’s Luna


“This whole bitcoin thing—this whole cryptocurrency—is one of the biggest bubbles ever,” Ryan Payne, president of Payne Capital Management, told Yahoo Finance. “I do think that bubble is eventually going to burst. It’s going to be ugly.”

The bitcoin and crypto market has rocketed over the last year, soaring amid a wider equity and asset price rally. Bitcoin has gone from a combined value of just $400 billion this time 12 months ago to around $1 trillion today.

“[The crypto market] is somewhere over $2 trillion. When the dot com bubble burst, those dot com stocks were worth like half a billion dollars. Inflation-adjusted that’s like $1 trillion in today’s dollars. Most of those stocks became worthless,” said Payne.

Many smaller cryptocurrencies, such as ethereum and its biggest rivals Binance’s BNB, solana and cardano, have made even greater percentage gains than bitcoin, climbing at a blistering pace as investors pile into the market—in part thanks to the massive financial stimulus programs launched by the U.S. Federal Reserve and other central banks to offset the economic damage done by Covid-19 lockdowns.

“There’s too much money out there that can funnel into this market. It’s just becoming a bigger and bigger casino,” said Payne.

“At the end of the day, we’re not using it for that much more commercial use. It’s just more people speculating and I think it’s very analogous to when the tech bubble burst or you go back to the housing bubble … where everybody’s involved.”

CryptoCodex—A free, daily newsletter for the crypto-curious

MORE FROM FORBES‘Sounds Like BS’-Elon Musk Slams Radical New Tech And Boosts The Price Of Dogecoin As Bitcoin And Ethereum Struggle

Others, notably the investor Michael Burry, famed for his bet against the housing market in 2007 and portrayed by Christian Bale in the 2015 film The Big Short, have also warned the bitcoin and crypto market is heading for a crash. In October, Burry asked his Twitter followers “how do you short a cryptocurrency?”

Last week, Warren Buffett’s right-hand man, Berkshire Hathaway BRK.A vice chairman Charlie Munger, warned markets are wilder today than during the dot com bubble.

“The dot com boom was crazier in terms of valuations than even what we have now,” Munger told the Sohn Hearts & Minds Investment Conference in Sydney.

“But overall, I consider this era even crazier than the dot com era. I just can’t stand participating in these insane booms. Everybody wants to pile in, and I have a different attitude. I want to make my money by selling people things that are good for them, not things that are bad for them.”

Munger also said he wished cryptocurrencies had “never been invented,” echoing Buffett’s previous bitcoin and crypto criticisms and praising China for having banned bitcoin outright.


Tagged : / / / / / / /

Enso Finance Launches ‘Vampire Attack’ Against Six Ethereum DeFi Products

In what could be considered a controversial bootstrapping strategy, Enso Finance has announced that it’s launching a month-long vampire attack that could drain nearly $1 billion from six competing DeFi protocols.

A vampire attack sources liquidity by siphoning it from one (or several) competing projects. The vampire analogy ends there–the initial attack doesn’t actually change the nature of the project that was targeted. 

Enso, a platform that allows users to combine investing strategies into “metastrategies” and follow others, launched earlier this year. It will target six protocols with an accumulated $941.5 million total value locked as of Tuesday afternoon, according to data from DeFi Llama.

Set Protocol and Index Coop, which allow users to create their own indexes, account for more than $400 million each in total value locked (TVL), a metric that approximates the amount of money flowing through any given DeFi protocol. dHedge, a decentralized hedge fund, and PowerPool, an automated DeFi token portfolio manager, account for $21 million and $18 million, respectively. PieDAO, a platform for building DeFi ETFs, has $13.8 million, and Indexed, a protocol for passive portfolio management, has $11.7 million in TVL.

Enso itself has set out to provide all of those features and will gamify the migration process with a virtual arcade that reimburses users’s gas fees (transaction costs on the Ethereum network) as they migrate liquidity during the 4-week vampire attack. Liquidity providers who migrate will also be rewarded with NFTsunique collectible tokens—and Enso native tokens once the attack is complete. 

DeFi is a catch-all term for financial tools built on a blockchain. Unlike traditional finance, DeFi projects for lending, borrowing, and investing in assets are not controlled by a central organization like a bank. According to DeFi Llama, the TVL in such projects has reached $259 billion across blockchain networks, including Ethereum, Solana, Avalanche and others.

The decentralized and community-driven nature of the market has led to some head-turning launch strategies. In fact, the Enso Finance team was going to call its go-to-market strategy a liquidity migration, but decided a vampire attack would draw more attention–even if some of it is negative.

“I actually think it’s very positive. Because it’s what traditional players do. [UK mobile service providers] Swisscom or BT incentivize customers to change plans all the time,” Enso cofounder Connor Howe told Decrypt. “Sure, it might sound bad, it might sound a bit aggressive, but sometimes you have to take a risk. We chose the word ‘vampire attack’ instead of liquidity migration because it’s more powerful and people understand what it is.”

One of the most well-known vampire attacks occurred last year, when an anonymous developer known as Chef Nomi forked the open source code for crypto exchange Uniswap and launched SushiSwap, a clone that was able to drain nearly $1 billion from its predecessor over the course of a week. 

The strategy was seen as controversial, to say the least, especially when Chef Nomi withdrew $14 million from the $SUSHI liquidity pool and caused its price to plummet 73%. It even stoked talks of legal action against the developer, before Chef Nomi transferred control of the exchange to FTX CEO Sam Bankman-Fried and later returned the funds he had withdrawn.

Although Enso is very intentionally calling its liquidity migration a “vampire attack” to get attention, it’s not a perfect comparison. For starters, Howe says he and his team have written their own code instead of cloning any one of the projects they’re targeting. 

The project raised $5 million during a private funding round co-led by Polychain Capital and Dfinity Beacon Fund in April, saying it would use the capital to build its community and platform.

“Crypto Twitter has a lot of people talking about price actions. And I personally want people to start putting their money where their mouth is,” Howe said. “I want them to create a strategy and show the community that they have actually bought and how much they’ve invested themselves. And then they can have people follow it or they can prove what they’re saying is true.”


Tagged : / / /

Ubisoft Launches In-Game Ghost Recon NFTs on Tezos

Key Takeaways

  • Ubisoft has announced its first in-game NFTs, to be distributed for Ghost Recon through its new Quartz service.
  • The NFTs are minted on the Tezos blockchain, which is energy-efficient due to the fact it does not rely on mining.
  • The collectible tokens will be available beginning on Dec. 9.

Share this article

French gaming giant Ubisoft has announced its first series of in-game NFTs, as seen in a tweet from the company today.

Ubisoft Launches In-Game NFTs

The company will initially introduce NFTs to its Ghost Recon franchise as part of the series’ 2019 entry “Ghost Recon Breakpoint.”

The NFTs will be called “Digits” and will be offered through a new service called Ubisoft Quartz. The beta for the program begins on Dec. 9 and will offer free airdrops of three NFTs.

The NFTs do not affect gameplay directly. Instead, they serve as cosmetic skins for in-game items, with each one containing a unique serial number tied to the owner’s online handle.

NFTs Created With Tezos

Ubisoft’s NFTs are minted on the Tezos blockchain, which, unlike Ethereum, does not rely on cryptocurrency mining.

Instead, Tezos relies on a form of proof-of-stake, which requires very little electricity compared to mining—equal to thirty seconds of streaming video, according to Ubisoft. This decision is part of the firm’s plans to ensure that its NFTs are energy-efficient.

Despite the promise of energy efficiency, some have still criticized the decision to use NFTs. Those critics argue that the same goals could have been accomplished with traditional game servers and databases, and that blockchain adds little that is new to the experience.

However, NFTs have one clear advantage: users will be able to sell items on any compatible third-party marketplaces, not just Ubisoft’s own store. Ubisoft lists Rarible and Objkt as compatible sites.

Ubisoft’s Previous Crypto Efforts

Though this is Ubisoft’s first NFT series specifically designed for in-game use, it has previously created NFTs for franchises such as Rabbids and One Shot League. The company also served as a validator for the NFT trading game Axie Infinity beginning in 2020.

In October, Ubisoft mentioned the possibility of play-to-earn crypto rewards, seemingly unrelated to today’s announcement.

Presumably, the Quartz service announced today will be used to power NFTs for future titles as well.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.

Share this article


Tagged : / / / /

Crypto Insights Firm Looks at State of Bitcoin On-Chain, Reveals the Likely Catalyst of Last Weekend’s Sell-Off

Crypto analytics firm Glassnode is looking behind the scenes at Bitcoin’s on-chain data and suggests that one major catalyst drove the recent steep price correction for BTC.

Glassnode tells its 408,000 Twitter followers that a massive flush out of excess leverage from Bitcoin’s derivatives market was the likely sell-side driver behind BTC’s crash to a low of $43,563.

“Bitcoin futures markets have experienced a significant deleveraging event, with over $5.4 billion in open interest closed yesterday.

Total futures open interest declined from $22 billion to $16.6 billion in one day, a decline of 24.5%”

Source: Glassnode/Twitter

The firm also takes a look at which entities on the Bitcoin network were taking the majority of the pain when BTC collapsed. According to Glassnode’s data, Bitcoin belonging to long-term holders remained relatively unchanged during the correction, suggesting that investors fresh into the market were the ones that were dealt the most damage.

“Question is, which cohort of Bitcoin holders were realizing these losses?

If we look to long-term holder supply, we can actually see their total holdings are unchanged over the past week. This makes it more probable it was recent buyers…

The short-term holder (STH) SOPR (spent output profit ratio) metric, on the other hand, shows very significant losses were realized by this cohort. Spending by STHs was the least profitable it has been since the $29,000 lows set back in July.”

Source: Glassnode/Twitter

The insights firm says the liquidation cascade on December 4th was one the largest capitulation events in Bitcoin’s history.

“Bitcoin holders realized the third-largest on-chain capitulation in history over the weekend, with over $2.18 billion in realized losses.

This compares to:

– $1.38 billion in March 2020

– $2.65 billion in May

– $3.45 billion in June.” 

At time of writing, Bitcoin is trading at $50,848, down over 26% from its all-time high above $69,000.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/liu yongqiang/Konstantin Faraktinov


Tagged : / / /

Bitcoin Whales Accumulated $3,400,000,000 in BTC During Market Panic, According to Crypto Insights Firm Santiment

Bitcoin (BTC) whales are playing the latest crypto market dip “to perfection,” according to leading crypto analytics firm Santiment.

Recent data shared by Santiment over Twitter show that Bitcoin whales bought $3,405,790,900 worth of BTC during its latest dip below $43.5K.

“Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection.”

However, the data also shows that they sold the same amount before the dump.

“Beginning during the dump to $43.5k, addresses holding 100 to 10k BTC have accumulated 67k more BTC after dumping the same amount before the price drop.”

Source: Santiment/Twitter

BTC is trading at $51,159 at time of writing, an approximately 17% increase from $43,500.

Despite recent market volatility, Santiment reminds its Twitter followers that BTC is still up in a huge way from two years ago, majorly outperforming other asset classes over the same period.

“Bitcoin is back at $48.2k, and its price is still +563% compared to where it was two years ago ($7.4k). 

This chart shows the progress of BTC, compared to the SP500 (+44%) & gold (+22%), indicating each sector’s highs and lows over this timeframe.”

Source: Santiment/Twitter

Santiment says its indicators are suggesting that Bitcoin and few other cryptos like XRP, Shiba Inu (SHIB) and Litecoin (LTC) still have more room to grow.

“Our ‘Strong and Oversold’ screener indicates some assets are showing signs of having suppressed prices compared to their fundamentals. 

Our requirements for this list include high market cap, volume, and address activity.”

Source: Santiment/Twitter

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/David Evison


Tagged : / / / / / /

Japan Aims to Force Stablecoin Issuers to Register as Banks: Report

Japan’s Financial Services Agency said on Monday that it seeks to limit the issuance of stablecoins to banks and wire transfer companies in 2022, according to a report by Nikkei Asia.

The FSA said limiting the issuance of stablecoins to banks and wire transfer companies will help mitigate risks, as those companies are legally obligated to protect customer assets.

This would mean that companies such as Tether wouldn’t be able to issue stablecoins to Japanese companies and users unless they were registered as banks or wire transfer providers. Regulators in the U.S. are also pushing for similar requirements.

As of Tuesday afternoon, stablecoins had a total market cap of $160 billion and had done $80 billion in trading volume over the past 24 hours, according to CoinGecko.  Although its dominance has been falling gradually over 2021, Tether (USDT) today accounts for 50% of the stablecoin market, followed by U.S. Dollar Coin (USDC) at 27%, and Binance USD (BUSD) at 9%. 

Tether has been under investigation by U.S. officials for its claims that all its stablecoins are backed by dollar reserves. The company later said that a portion of its reserves are commercial paper, or short-term corporate debt. In September, as Chinese property developer Evergrande struggled to make its debt payments to 171 domestic banks and 121 other financial firms, Tether said it did not hold any of the company’s debt.

According to Nikkei Asia, the FSA also plans to bring intermediaries in crypto transactions, like wallet providers, under its oversight.  Under the new arrangement, companies that facilitate transactions will be required to verify the identity of their users and report suspicious activity to the FSA to prevent money laundering.

Meanwhile, there’s been talk that a group of 70 Japanese companies, including its top banks, will test their own bank deposit-backed digital currency next year. Tests for the stablecoin, which is being referred to as DCJPY, will begin this year.

The Digital Currency Forum, which is heading up the effort, includes MUFG Bank, Sumitomo, Mitsui Banking Corp., Mizuho Bank, and Japan Post Bank. But the FSA and Bank of Japan have said they will be on hand only as observers during the test.


Tagged : / / /

Here’s What Cardano Founder Charles Hoskinson Wants For Christmas

Christmas is just around the corner and Cardano founder Charles Hoskinson is already in the Christmas spirit. The founder went live on YouTube on Monday to do another surprise AMA where he answered questions from the community. As usual, Hoskinson responded to a number of questions from community members who asked about the Cardano project.

What Cardano Founder Wants For Christmas

During the AMA, Hoskinson gave a rundown of what he would like for Christmas and it was not your usual itemized list of stuff people want for Christmas. Instead, Hoskinson decided to address a pressing issue in the crypto space and that is the divide that is very much present among investors of different projects.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Cardano Records Over 20 Million Transactions Ahead of DEX Launches

Cardano has been one of the harder hit projects when it has come to FUDs in recent times. The project had been subjected to what can be described as hateful comments all-around social media especially since its token ADA began its two-month-long decline. To this end, Hoskinson wants everyone in the crypto industry to start getting along.

“The one thing I want for Christmas is for everyone to start getting along in our industry. It’s extraordinary to me that when people are so close in philosophy and viewpoint, and in some cases technology, they can be so far apart as people. It’s extraordinary,” the founder said.

Get 110 USDT Futures Bonus for FREE!

Cardano price chart from

ADA trending low at $1.4 | Source: ADAUSD on

Pushing For Better Systems Going Forward

Hoskinson also addressed the systems that have kept investors against each other for years. He said that the crypto space is where this is more prominent as other industries do not see as much hate between each other as the crypto industry.

Related Reading | Number Of Cardano Wallets Staking ADA Crosses 1 Million

“You don’t see this in other industries,” Hoskinson said. “You don’t see in physics or biology, or cellphone manufacturing, or whatever, pick an industry, the amount of tribalism, hate, and vitriol that our industry has for each other.”

The founder went on to explain that as long as people keep hating each other, there will be no way to fight the real enemy, which he identified as the legacy systems. He said this system has held down three billion people and will continue to do so. The founder also acknowledged that this will not be easy as there will always be those who try to divide others in the space.

Hoskinson explains that there will be books and podcasters saying things to divide people. Even on social media, where the majority of the vitriol will be spilled. However, it is up to everyone in the industry to take a stand and put a stop to the hate.

“That has to stop and the only way it’s going to stop is if we get better systems that are more fair. And the only way we do that, is we have to work together. So, we’ll see, 2022, whether that’s accomplished.”

Featured image from Yahoo Money, chart from


Tagged : / / / / / /

Lightning Network’s Bitcoin Capacity Tripled in 2021

Key Takeaways

  • The Lightning Network’s total Bitcoin capacity has nearly tripled over the course of this year.
  • Payment channels on the Lightning Network hold 3174 BTC today as opposed to 1060 BTC in January 2021.
  • The Lightning Network’s growth coincides with a surge in demand for quick and inexpensive Bitcoin payments.

Share this article

The Lightning Network registered explosive growth in 2021, as its capacity nearly tripled over the course of this year.

Lightning Explodes in Bitcoin Capacity

The Lightning Network has experienced dramatic growth this year, as the network’s capacity (ie. the amount of Bitcoin locked in payment channels) has risen significantly.

Payment channel capacity has roughly tripled, according to data provided by crypto analytics provider Glassnode. Currently, Lightning has over 3174 BTC capacity, up from 1060 BTC on January 1, 2021. 

The same insights from the firm also show that during the year, the total number of Lightning payment channels more than doubled, rising from roughly 37,000 to just over 80,000.

Bitcoin Lightning Network
Source: Glassnode

Service Grows in Popularity

The Lightning Network mitigates issues seen on the Bitcoin mainnet such as slow transaction speeds and high fees. Its growth has coincided with all-time high prices as well as a string of catalysts that fueled the demand for quick Bitcoin payments. 

After adopting Bitcoin as legal tender, El Salvador integrated Bitcoin payments using Strike, a payments service based on Lightning.

Furthermore, one of the largest social media platforms, Twitter, also adopted Lightning to enable Bitcoin tips. This occurred under the leadership of its former CEO, Jack Dorsey, a vocal Bitcoin proponent.

On Monday, Dorsey’s unrelated Spiral project presented the Lightning Developer Kit (LDK) in a YouTube video. The LDK aims to overcome issues that make it difficult for developers to add Lightning capabilities to web and mobile applications.

Today, Bitwage announced the world’s first salary payments paid in Bitcoin through the Lightning Network.

Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.

Share this article


Tagged : / / / /

Crypto Market “Etreme Fear” Metric Reaches Multi Month Low

Fear runs deep in the crypto market as major cryptocurrencies re-test critical support levels. On December 3rd, Bitcoin’s price wicked into the lows at $40,000 resulting in a record number of liquidated positions across exchange platforms.

Related Reading | Crypto Market Analysis: December 6, 2021

At the time of writing, almost every cryptocurrency, but Bitcoin in the top 10 by market cap seems to show signs of recovery. The benchmark crypto trades at barely north of $50,000 after it was rejected at $51,500 with small losses in the past 24-hours.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Bitcoin BTC BTCUSD crypto
BTC moving sideways in the 4-hour chart. Source: BTCUSD Tradingview

Data from Arcane Research shows that the Fear and Greed Index has been fluctuating with the price of large crypto by market cap. During the last week, this metric stood in the “Fear” levels right up until Friday’s crash when it dipped further into “Extreme Fear”.

Although the metric was able to bounce from a low at 16 it now scores a 25 in the metric, almost 50 points less than in November when it stood at Greed with 73. The index is still close to its yearly lows, and closer to post-May 2021 levels when an increase in selling pressure slumped the prices of every major crypto.

These levels remained at their lows from that moment until mid-August, when Bitcoin finally broke above $40,000 and into an all-time high at $69,000. Arcane Research noted the following:

Get 110 USDT Futures Bonus for FREE!

(…) panic spread across the market following the weekend sell-off. We haven’t seen such a fearful market in almost four months. The market sentiment bounced off the lows on Tuesday as the market recovered strongly, but we are still in the “fear” area (…).

A “Fear and Greed” Index on Extreme Fear levels, according to certain analysts, has historically preceded crypto market local bottoms. However, a run into new highs could see an obstacle as the macro-economic outlook turn complex.

The Crypto Market At Risk For Macro Factors?

QCP Capital believes the selloff was caused by fear of the new COVID-19 variant, Omicron, inflation concerns, weakness in the Chinese stock market, and the possibility that the U.S. FED begins to taper its asset purchasing program.

Related Reading | How Crypto Champions can help you increase the rarity of your NFT

The Chinese crypto market, in particular, holds concerns. This has translated into persistent negative funding rates across exchanges platforms. QCP Capital claimed:

This indicates persistent selling out of China. In contrast, funding rates in other exchanges normalised very quickly (…). With the persistent negative funding in Chinese exchanges, we reckon a push higher in spot could actually trigger a short-squeeze.

The crypto market already shows signs of this short squeeze, but it could face more downside due to the aforementioned macroeconomic factors.


Tagged : / / /
Bitcoin (BTC) $ 27,418.35 0.58%
Ethereum (ETH) $ 1,640.93 1.49%
Litecoin (LTC) $ 64.43 2.63%
Bitcoin Cash (BCH) $ 229.93 5.24%