Effective April 15, non-accredited US retail investors will no longer be paid rewards on any new deposits into Celsius interest accounts. The news comes in a statement from Celsius, which also notes that these rules will not impact customers outside the US.
Celsius Prioritises Regulation
The move by Celsius, a leader in centralised finance (CeFi), sees it fall into line with crypto regulations. From April 15, only accredited investors will be able to receive rewards and add new assets to the company’s Earn platform.
The update only applies in the US, and to be considered “accredited” an investor must have a net worth greater than US$1 million or a minimum annual income of $200,000. After April 15, those who aren’t accredited will have their coins held in custody, meaning they can still swap, borrow and transfer, but cannot earn interest.
As we previously have acknowledged, Celsius has been working closely with regulators around the world. It is our intention to be as transparent with our community as possible.
Celsius custody solution statement
Any US non-accredited Celsius users who were intending to use their crypto as loan collateral prior to April 15 will have their assets returned to their account on completion of the loan.
Other Offers and Rates
In March, Crypto.com slashed its return rates on token deposits, its second cut in a month. More recently, digital asset exchange Zipmex launched its ZipUp+ program, which offers Aussies very attractive yield returns. Zipmex is one of the major regulated Australian exchanges and may become even more popular with this new offer as the project allows interest of up to 10 percent APY without a lock-in period.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Algorand (ALGO)
The Algorand ALGO blockchain is a permissionless, pure proof-of-stake blockchain protocol. Unlike Proof-of-Work (PoW) blockchains, where the root block must be validated by randomly selected validators (using computing power), in the pure proof-of-stake approach all of the validators are known to one another and only have to agree on the next block in order to create a new block. Algorand was invented to speed up transactions and improve efficiency in response to the slow transaction times of Bitcoin and other blockchains.
ALGO Price Analysis
At the time of writing, ALGO is ranked the 30th cryptocurrency globally and the current price is US$0.7426. Let’s take a look at the chart below for price analysis:
After creating a second equal low during last month, ALGO gained nearly 20% into resistance that starts near $0.9322.
Swing traders looking for a continuation to the nearest cluster of relatively equal highs around $1.12 might look for bids near $1.06. More significant resistance rests above, near $1.18. A group of significant swing highs at $1.20 and $1.26 give possible targets if this resistance breaks.
A stop run on the recent low at $0.7065 into possible support beginning near $0.6630 might see stronger bidding. This area also has a confluence with the recent monthly lows.
2. Near Protocol (NEAR)
NEAR Protocol is a decentralised application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees. NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism, called “Doomslug”.
NEAR Price Analysis
At the time of writing, NEAR is ranked the 17th cryptocurrency globally and the current price is US$16.74. Let’s take a look at the chart below for price analysis:
After its uptrend during Q1, NEAR has retraced 20% from its highs to support at the retracement of around $15.15.
The price shifted market structure to run to the consolidation lows near $14.51, just under the monthly open. Continued bullishness in the market may create support just below, between $14.00 and $13.45.
Bulls might show more interest if the price retraces near the February open, around $13.00. Continued bearishness could see the price reach into old support around $12.55.
On the other hand, if the current resistance breaks, the price might find resistance near $21.98, whereas mid-January buyers may still be trapped in longs.
3. Zilliqa (ZIL)
Zilliqa ZIL is a public, permissionless blockchain designed to offer high throughput with the ability to complete thousands of transactions per second. It seeks to solve the issue of blockchain scalability and speed by employing sharding as a second-layer scaling solution. The platform is home to many decentralised applications, and it also allows for staking and yield farming. The native utility token of Zilliqa, ZIL, is used to process transactions on the network and execute smart contracts.
ZIL Price Analysis
At the time of writing, ZIL is ranked the 70th cryptocurrency globally and the current price is US$0.1091. Let’s take a look at the chart below for price analysis:
ZIL‘s 65% drop during Q1 found a low near $0.04038 before closing over a monthly high around $0.1482 with massive gains. This daily close over the high could signal a shift in market structure that might reach probable resistance near $0.1637.
A sustained bullish move may target the swing high at $0.1864. If this stop run occurs, a run beyond the high into probable resistance near $0.1988 and $0.2045 is possible.
Bulls could buy a retracement to possible support near $0.1018, just above the weekly open. A bearish turn in the marketplace may propel the price toward possible support near $0.09376.
However, relatively equal lows near $0.08834 and $0.08224 provide an attractive target for bears if the market resumes its bearish trend. A run on these lows might find support between $0.07815 and $0.07766.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Mastercard has filed 15 NFT and metaverse trademark applications with the US Patent and Trademark Office, according to an April 11 report.
The 15 applications include several crypto-related technologies Mastercard plans to tap into. As per the report, the payments giant is looking to create a digital community for its users, NFT-backed multimedia, marketplaces for trading digital assets, e-commerce, virtual reality, and more.
An additional patent will add the Mastercard name to a wide range of social events in the metaverse and other virtual worlds, including concerts, sporting events, travel experiences, fine dining events and festivals, among others.
2022 Trademark Applications Exceed Past Two Years
Interestingly enough, the number of US NFT trademark applications filed this year has surpassed those over the past two years:
🚩BREAKING🚩
The number of U.S. NFT trademark applications filed in 2022 has already surpassed the number filed all of last year!
Here are the numbers: ▶️ 2022 1967 apps filed (so far) ▶️ 2021 1965 apps filed ▶️ 2020 23 apps filed#NFTs#Cryptocurrency#Web3
Prioritising security for its users is a must for Mastercard – a reason why the company decided to acquire blockchain forensic firm CipherTrace to help keep users safe and enhance its operations in the digital assets space.
Mastercard is also looking to make NFT purchases as easy as buying on e-commerce sites. As Crypto News Australia reported in January, it has partnered with crypto exchange Coinbase to allow customers to use their debit/credit cards on Coinbase’s upcoming NFT marketplace.
Crypto exchange Coinbase has issued a casting call to all Bored Ape Yacht Club (BAYC) NFT holders who’d like to see their simians featured in an upcoming animated series of short films.
⭐️DEFINITELY SOMETHING⭐️
We're creating an interactive three-part film featuring the @BoredApeYC & @apecoin communities.
The production, a three-part series titled The Degen Trilogy, designed to tie in with the exchange’s long-rumoured NFT marketplace, has called for submissions up until April 13.
Missed Out? There’s Always Part Two or Three
Ape owners who make the casting cut will receive a licensing fee of US$10,000 in ApeCoin or bitcoin, according to the film’s website, and those who miss out may be eligible for the remaining instalments of the proposed trilogy:
We’re stoked that Coinbase is making a film series featuring the BAYC community. Bored Ape NFT holders, submit your ape for casting, details below.👇 Mutants, don’t worry – this is the first film in a trilogy, and you’ll be getting your own casting call for part two. https://t.co/lhsbg4AnuZ
The film is set in the 2020s in a “chaotic” New York City where “for the first time, digital goods and services have outpaced all other indicators as a measure of value in the market”, according to the prologue.
As the old system crumbles, whole new realms spring forth from the ashes. (…) Enter the Degens. A new class of social adept, versed in the constantly re-invented tools of an ever accelerating economy.
Prologue, The Degen Trilogy
Coinbase Admits Project May Not Make Any Money
While Coinbase has said that it is unlikely to profit from the series, any proceeds would be donated to an as-yet unnamed non-profit organisation. The company added that the point of the trilogy is to “reward and connect with our communities through projects that bring the ethos of Web3 to life: collaboration, transparency, and opportunity”.
The first episode will be released at the NFT.NYC conference, scheduled to take place from June 20-23, with parts two and three to follow over the subsequent year. A Coinbase wallet is required to access the film’s website, although not to view the films.
Curious punters queued around the block as the world’s first Bored Ape Yacht Club (BAYC)-themed pop-up restaurant opened in Southern California, US, on the weekend.
Bored & Hungry, on 7th Street in Long Beach, Southern California. Source: tubefilter.com
In partnership with Houston rapper Bun B’s Trill Burgers and Belief Burgers, Bored & Hungry calls itself a “smash burger-themed concept” where customers can buy fast food using Ethereum or ApeCoin.
As the proud owner of BAYC #6184, which he bought for US$267,000 on March 1, food entrepreneur Andy Nguyen used his Ape’s IP to create the restaurant’s brand:
“The goal is to give back to the growing Web3 community and open the doors to those who want to learn more about the NFT world,” Nguyen said. “Our job is to […] show people that you can create a brand/business out of this IP, taking away the stigma of, ‘It’s just a JPEG’.”
Filled with Bored Ape and Mutant Ape images (Nguyen now owns four Apes), Bored & Hungry is on busy 7th Street in Long Beach and will compete with several other fast-food franchises. The grand opening attracted people of various ages, colours and genders, all looking to experience what’s claimed to be the world’s first NFT restaurant (that title actually belongs to New York’s Flyfish Club, founded by Gary Vee).
The commotion also piqued the curiosity of several passersby, some of whom asked what it was about. One wag standing in line was quick to respond with the following soundbite:
Crypto, capitalism, and hamburgers – what could be more American than that?
Any purchases made will go through CoinSpot’s over-the-counter (OTC) trading desk to limit exposure to fluctuations in the market. This will also help prevent slippage for customers transacting values over A$50,000 and minimise low liquidity risk.
‘Strong Demand’ for Crypto Car Purchases
In a joint statement, CoinSpot and Dutton Garage said the partnership was in response to “strong demand” from Australian customers to purchase vehicles and other luxury items using crypto.
“With Web3, digital currencies are becoming more than just stores of value, and instead, legitimate ways to purchase big-ticket items,” said Gary Howells, CoinSpot’s chief product officer. “Increasing crypto’s utility is the key to driving mass adoption of what we believe is the future of finance.”
Juv Jayaram, chief technology officer at Dutton Group, added: “Working with CoinSpot enables our customers to access their crypto investments and transact with us in a seamless and transparent manner.”
The CoinSpot-Dutton deal is not the first meeting of crypto and car commerce in Australia. In April 2021, carbuyers.com.au announced a new payment system that allowed Aussies to use bitcoin to cover the purchase of a vehicle. Two months later, auction house Lloyds started accepting major cryptocurrencies as payment for sport and collector cars.
After staging a recovery following January’s sell-off, the cryptocurrency market has yet again felt the pain of a sharp decline after U$250 billion was erased from the sector’s market capitalisation (market cap).
Cryptocurrency market cap. Source: CoinGecko
A Sea of Red
Initial negative price action started over the weekend, which saw bitcoin drop below US$43,000, accelerated by US$152 million in leveraged long liquidations. In total, the market saw over US$439 million in liquidations within 24 hours.
It is, however, worth noting that these levels remain relatively mild compared to prior episodes, suggesting that further losses may be on the horizon.
Bitcoin then continued its descent on Monday, dropping 15 percent in 24 hours, falling below US$40,000 for the first time since March 15. Meanwhile, Ethereum fell 14 percent, sinking below the US$3,000 mark for the first time since March 23. Across the board, with the exception of Monero (XMR), all major cryptocurrencies are significantly down over the past week:
Digital assets form part of the broader investment universe, and due to their speculative nature tend to get hit hardest when sentiment shifts risk-off. Risk-on assets, such as equities and crypto, generally decline when market fear takes hold as investors seek safety in less risky assets.
For these reasons, bitcoin (and other digital assets) tend to mirror the performance of the equity market in the short term, specifically the higher volatility tech sector.
Since March 2020, Bitcoin’s correlation with the tech-heavy Nasdaq 100 has increased significantly:
BTC and Nasdaq correlation. Source: Koyfin
It’s therefore not surprising that all major global equities indices are down amid growing inflation and slower economic growth, resulting in many investors reducing exposure to higher volatility growth assets.
This follows news of the 10-year US Treasury yield rising to a three-year high, making tech stocks significantly less attractive, and cryptocurrencies even less so. In addition, there’s an ongoing war in Ukraine and the Federal Reserve is posturing to aggressively raise interest rates.
For these reasons, macro sentiment is negative and fear is widespread, resulting in a flight to safety away from assets such as cryptocurrencies. With US inflation figures due to be released this week, the market remains on edge, and as Bitcoin analyst Will Clemente recently opined on Twitter:
With this build up of OI and the shaky macro conditions, think you just set clear thresholds to be a momentum buyer and to be a value buyer.
For traders, unless you have material edge, just step away while the mkt is in hard mode until easy mode.
The survey was conducted throughout March 2022 and involved 500 US-based financial advisers who are currently, or are considering, allocating assets to crypto.
What Is a Crypto Spot ETF?
A crypto spot ETF is an exchange-traded fund (ETF) that allows an investor to gain exposure to crypto without actually having to own any digital assets. Unlike a futures ETF, a spot ETF is backed by the actual commodity, in this case digital assets, rather than by the value of the futures contracts tied to the commodity, which may diverge significantly from the actual asset price.
The advantages of investing in a crypto ETF over owning crypto directly are primarily:
exposure to crypto through a regulated product offering higher levels of consumer protection;
easier access for non-technical investors; and
no need to store crypto or deal with private keys, etc.
Crypto-based spot ETFs have so far not been approved by US authorities due to regulatory concerns, mostly around consumer protections and the risk of market manipulation.
Advisers Excited, But Most Expect To Wait
Although most of the financial advisers surveyed were excited about the prospect of a crypto-based spot ETF product, most aren’t holding their breath with only 38 percent considering it likely such a product will launch in 2022.
However, the lack of spot ETF products doesn’t mean financial advisers aren’t finding other ways to help their clients invest in crypto. According to Jake Rapaport, head of Digital Asset Index Research at Nasdaq, advisers are making do right now, but he expects investment products such as spot ETFs to become necessary soon to keep up with client demand:
The vast majority of advisers we surveyed either plan to begin allocating to crypto or increase their existing allocation to crypto. As demand continues to surge, advisers will be looking for an institutional solution to the crypto question that now dominates client conversations.
Jake Rapaport, head of Digital Asset Index Research, Nasdaq
Of the advisers surveyed, 50 percent reported they’re already using Bitcoin futures ETFs and 86 percent expected to increase their crypto allocations in the next 12 months.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Litecoin (LTC)
Litecoin LTC is a cryptocurrency designed to provide fast, secure and low-cost payments by leveraging the unique properties of blockchain technology. The cryptocurrency was created based on the Bitcoin protocol, but it differs in terms of the hashing algorithm used, hard cap, block transaction times, and a few other factors. Litecoin has a block time of just 2.5 minutes and extremely low transaction fees, making it suitable for micro-transactions and point-of-sale payments.
LTC Price Analysis
At the time of writing, LTC is ranked the 20th cryptocurrency globally and the current price is US$103.65. Let’s take a look at the chart below for price analysis:
After setting a low last month, LTC kicked off a recovery trend that gained nearly 20% to break the weekly highs.
The following 65% plummet found support near $102.36, sweeping under the 40 EMA into the 61.8% retracement level before bouncing to resistance beginning at $120.53.
This area could continue to provide resistance, possibly causing a retracement to the 9 EMA and 18 EMA near $125.12, where aggressive bulls might begin bidding. The level near $134.98, which has confluence with the 40 EMA, may see more interest from bulls loading up for an attempt on probable resistance beginning near $147.13.
However, if Bitcoin continues its sideways trend, much lower prices could be seen. The old support near $100.18 could provide at least a short-term bounce. If this level fails, the old monthly lows near $91.23 might also give support and see the start of a new bullish cycle after retesting these support levels.
2. Stellar (XLM)
Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.
XLM Price Analysis
At the time of writing, XLM is ranked the 30th cryptocurrency globally and the current price is US$0.1902. Let’s take a look at the chart below for price analysis:
XLM set a high near $0.2557 in early April before retracing nearly 25% to find a low near $0.1780. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.2478 is slowing the bullish advance down. However, another leg might target the last swing high at $0.2822 and relatively equal highs at $0.3136. Resistance near $0.3359 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.3856.
A retracement before a move higher might find support in the daily gap near $0.1743, just above the monthly open. Relatively equal lows near $0.1675 could also provide support. Run-on stops at $0.1605 and $0.1583 might find support in the gap beginning near $0.1520.
3. Kava.io (KAVA)
KAVA is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield. The Kava DeFi hub operates as a decentralised bank for digital assets, allowing users to access a range of decentralised financial services, including its native USD-pegged stablecoin, USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto-assets.
KAVA Price Analysis
At the time of writing, KAVA is ranked the 96th cryptocurrency globally and the current price is US$4.07. Let’s take a look at the chart below for price analysis:
The last year saw KAVA travel through a massive range from approximately $8.00 to $3.66. Currently, it is trending downward into the range lows.
Resistance might be found just above the current price, beginning near $4.75. This area has confluence with the 9 and 18 EMAs.
A stronger retracement against the bearish trend could reach the 40 EMA and the March monthly open, near $3.70.
Although unlikely in the current bearish market conditions, a more significant rally might reach over the 2022 yearly open to test an inefficiently traded area from $4.19 to $4.48.
During Q1, the price bounced from the support between $3.15 to $3.00 while wicking just under a narrow support zone at $2.89. These two levels could provide support again.
However, the price has been consolidating on higher timeframes since late January. Given the current bearish market conditions, it seems likely that a retest of these two support levels may fail.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Arbitrum, Ethereum’s largest rollup solution with over US$2 billion total value locked (TVL), has announced the launch of Nitro, a major update that reduces gas fees by half on Arbitrum’s network.
According to an official announcement from Offchain Labs – the company behind the rollup – Nitro is an advanced rollup stack that can do Arbitrum’s interactive fraud proofs over WASM (WebAssembly), an experimental low-level programming language:
So Nitro is ready?
Arbitrum Nitro is fully built out & production ready w/ fraud proofs, advanced calldata compression, the sequencer, token bridges (w/ withdrawals coming later this week), & all the other bells & whistles! pic.twitter.com/BPVEgmn3wW
The Arbitrum Nitro upgrade was under development in October 2021 by the Offchain Labs team. In essence, Nitro is a fully built-out scaling infrastructure that uses WASM instead of today’s custom-designed language and compilers.
Arbitrum is 90-95 percent cheaper and faster than Ethereum (gas fees on the rollup are usually around US$0.50 or $1). However, the integration of Nitro will further lower gas fees while increasing the throughput.
Today, we throttle Arbitrum’s capacity, but with Nitro we’ll be able to release those controls and significantly up our throughput. And while Arbitrum today is already 90–95 percent cheaper than Ethereum on average, Nitro cuts our costs even further.
Arbitrum is Ethereum’s largest optimistic rollup. Rollups are a technology used to scale the Ethereum network by taking the transaction data out of the mainnet to execute it on the rollup-specific blockchain. The transaction result is then bundled up and sent back to Ethereum, so Ethereum node validators can verify whether the data is valid.
Arbitrum has collaborated with a handful of high-performance DeFi protocols – a few months ago Crypto News Australia reported that Tornado Cash had integrated with Arbitrum to allow the Ethereum-based crypto mixer to enjoy Arbitrum’s cheap gas fees and high throughput.
Arbitrum also hosts NFTs (non-fungible tokens). A month ago, Crypto News Australia also reported that roughly US$1.4 million worth of Smol Brains – the most popular NFT collection on Arbitrum – had been stolen in an exploit, as confirmed by Arbitrum’s NFT marketplace TreasureDAO.
