Many ‘Trekkies’ have taken to social media to criticise the release of Star Trek™ NFTs for being contrary to the spirit of the iconic TV and film franchise.
The NFT collection, issued by Paramount via the RECUR marketplace on April 9, featured “algorithmically generative starships” at US$250 a pop, with more than 8,000 sold during the 24-hour sale.
While RECUR had urged people to “boldly go into the unknown” by getting involved in the NFT launch, a large number of fans felt the move was “highly illogical” – if not in direct opposition to Star Trek’s values – and were quick to bring out their Picard facepalm GIFs:
I think it's honestly telling that the people liking and positively retweeting this are not Star Trek fans, but NFT bros. Most Star Trek fans understand the harm NFTs cause, not just environmentally, but to the future of digital access beyond commodifying every aspect of it. https://t.co/RM1wDWwQqQ
— David Enriquez 🖖😘 IDIC (@Nightshyfter) April 4, 2022
The brainchild of Gene Roddenberry, the original Star Trek™ television series aired in the late ’60s and has since spawned multiple spinoffs and had a huge impact on popular culture – it’s particularly well-loved for its optimistic portrayal of a utopian future free from bigotry and materialism.
Sale Did Not Live Long or Prosper
The NFT drop had mixed success for Paramount. Reports say the ‘Admiral Pack’, which contained 5,000 unique Constitution or Constitution Refit starship NFTs, sold out within minutes. However, just 3,000 of a potential 150,000 of the ‘Captain Pack’ featuring other starships were snapped up during the 24-hour public sale.
The environmental impact, quality of the images, and the high cost of the NFTs on offer were points of contention for many.
Some fans shared publicly that they’d declined the chance to be paid to promote the NFT drop, while others suggested that negative feedback was being hidden:
The Star Trek™ collection is not the first NFT release from a brand that’s been deemed exploitative and resulted in community backlash. Australian airline Qantas encountered pushback when it recently issued a digital collection of memorabilia, and fans were so unenthused by Liverpool FC’s NFT launch that less than 6 percent sold in the first week.
With the starter’s gun for the 2022 Australian federal election having been fired on the weekend, the Labor Opposition party is already dodging bullets about lacking a crypto policy.
Stephen Jones, Labor’s shadow minister for financial services, quickly returned fire by declaring that the Opposition wants stronger consumer protections and regulation of exchanges.
“The broad principles we would take to crypto regulation are safety and transparency,” Jones said. “That inevitably leads to greater regulation of exchanges.”
Jones added that if Labor were to win power from the ruling Liberal-Nationals Coalition, crypto would be considered as part of a broader overhaul of the payments system.
Crypto Should Be at the ‘Centre of the Election’
Last week, expatriate crypto investor Mark Carnegie said that crypto “should be at the centre of the election” because digital currency and blockchain infrastructure were shaping to be an US$8 trillion (A$10.6 trillion) to US$13 trillion industry by 2030.
Carnegie, a venture capitalist currently based in Singapore, told the Australian Financial Review Cryptocurrency Summit that Labor lacked a policy on crypto and “it just shows you the lack of leadership” on the issue.
Carnegie accused the government and regulators of moving too slowly on the issue. Jones has since responded by saying that putting crypto under financial services regulation “made sense”, and that he would consult on the precise details if Labor won government.
‘Seven Words is Not a Crypto Policy,’ says Liberal Senator
Pro-crypto Liberal Senator Andrew Bragg (NSW) echoed Carnegie in claiming Labor has “no real policy” in place. “My sense is they’re running a small-target strategy,” Bragg said. “They’re not saying much and my sense is this agenda is at risk and that is very concerning.”
In a return salvo, Jones pointed out that the Coalition had been in government for almost nine years and that it was hypocritical for it to blame Labor for a lack of crypto policy.
One of many exciting announcements emerging from the Bitcoin 2022 conference was one by former Blockstream chief strategy officer, Samson Mow, who brought three guests on stage to provide updates on bitcoin adoption in each of their respective countries.
Roatán, Honduras
Despite Honduras’ central bank rejecting recent rumours that bitcoin would be made legal tender, a special economic zone within Honduras known as Próspera, Roatán island, has announced that it recognises bitcoin and other cryptocurrencies as legal tender within its own borders. Honduras Prospera Inc, who promotes the jurisdiction, told the audience that:
Bitcoin within Próspera operates as legal tender. That means no capital gains tax on BTC, you can transact freely using BTC, and you can pay taxes and fees to the jurisdiction in BTC.
Joel Bomgar, president, Próspera Inc
In addition, starting later this week the Próspera jurisdiction will enable municipalities in Honduras and corporate entities outside of the US to float Bitcoin bonds within Próspera.
Madeira, Portugal
The next bitcoin announcement came from an autonomous region of Portugal known as Madeira, a group of islands northwest of Africa. While not specifically saying whether bitcoin would become legal tender, the region’s president, Miguel Albuquerque, did however stress that bitcoin purchases and sales would not be subject to taxes. Presently, Madeira has one of the more attractive corporate tax rates at 5 percent.
Crypto-friendly Madeira is also a popular tourist destination. Source: Insider
Either way, Albuquerque is bullish on Bitcoin as he told the crowd:
I believe in the future and I believe in bitcoin.
Miguel Albuquerque, president of Madeira, Portugal
Mexican Senator Throws Her Hat in the Ring
Finally, Mow invited Mexican Senator Indira Kempis on stage to give an update on efforts to propose bitcoin legislation in the country.
Kempis has previously outlined a desire to introduce laws modelled on those of El Salvador, and she told the conference that her focus would be to make bitcoin legal tender:
In two months we will propose legislation to modify regulations in fintech and in monetary law. And we have a message for our president. We are looking forward to sitting down and having coffee with you to talk about this plan – bitcoin as legal tender in Mexico.
Indira Kempis, Mexican senator
As part of her efforts, Kempis would also be submitting a bill that would make financial inclusion and education a constitutional right.
At this stage, it remains unclear whether she will succeed in her endeavours, particularly in light of the Mexican central bank’s recently announced plans to launch its own digital currency.
Yet one thing is becoming clear – jurisdictions are increasingly embracing bitcoin to attract global capital and talent. Bitcoiners often refer to the “Sovereign Individual” thesis, whereby nation states are forced to begin treating citizens as paying customers, rather than cattle (who in the information age, have wings and can fly to friendlier jurisdictions). Arguably, we’re seeing that play out in real-time.
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. Fetch.ai (FET)
Fetch.ai FET is a platform that aims to connect Internet of Things (IoT) devices and algorithms to enable their collective learning. Fetch.ai is built on a high-throughput sharded ledger and offers smart contract capabilities to deploy machine learning and artificial intelligence solutions for decentralised problem-solving. These open-source tools are designed to help users create ecosystem infrastructure and deploy commercial models.
FET Price Analysis
At the time of writing, FET is ranked the 184th cryptocurrency globally and the current price is US$0.3437. Let’s take a look at the chart below for price analysis:
FET rallied 139% from its February low before running to resistance near equal highs at $0.5440. These highs may be a target in the future.
The price could find support near $0.3583 as holders buy and stake FET for the stakedrop. This level is close to the 61.8% retracement, the upper half of a consolidation, and 9, 18 and 40 EMAs bullish flip.
Just below, near $0.3153, the 78.6% retracement and inefficiently traded area at the origin of March’s move could also provide support.
Until the price tests these levels, $0.4190 could provide the closest resistance. This area is inefficiently traded and contains the 9 and 18 EMAs.
Slightly higher, near $0.4596, the April monthly open and origin of the current bearish retracement could also give resistance.
If the price does find support, this could be the start of a more significant swing that may reach probable resistance between $0.6318 and $0.6943. This inefficiently traded area fills the 27% and 50% extensions and would target bears’ stops above multiple swings.
2. QuarkChain (QKC)
The QuarkChain Network QKC is a permissionless blockchain architecture that aims to meet global commercial standards. It aims to provide a secure, decentralised and scalable blockchain solution to deliver 100,000+ on-chain TPS. QuarkChain is a public chain that can support multiple consensuses, and multiple transaction models including virtual machines VMs, ledger, and token economics in one network. It can reportedly adapt to blockchain innovations by customising consensus, transaction model (including VM), ledger, and token economics in each shard to satisfy different requirements of different industries/enterprises/DApps.
QKC Price Analysis
At the time of writing, QKC is ranked the 316th cryptocurrency globally and the current price is US$0.02138. Let’s take a look at the chart below for price analysis:
QKC surged near the end of March, setting a high 157% above its January low.
Consolidation lows near $0.02757 might provide the next significant resistance. However, the April monthly open could also offer some short-term resistance.
Near the 2022 yearly open, 40 EMA and 61.8% retracement, $0.02131 is being tested as support. The price bounced from this level and is compressing between the 9 and 18 EMAs.
Slightly lower, $0.01897 to $0.01710 may offer more robust support. The price may want to re-trade down through the inefficient area to this level, which has confluence with the 78.6% retracement and old swing highs.
If either of these supports does begin a new significant bullish rally, bulls might next target an area near $0.03599. Reaching this level would run bears’ stops above multiple relatively equal highs near the 27% extensions.
3. Oasis Network (ROSE)
The Oasis Network ROSE is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Network is able to power private, scalable DeFi, revolutionising Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi but also create a new type of digital asset called Tokenised Data that can enable users to take control of the data they generate and earn rewards for staking it with applications – creating the first-ever responsible data economy.
ROSE Price Analysis
At the time of writing, ROSE is ranked the 90th cryptocurrency globally and the current price is US$0.2367. Let’s take a look at the chart below for price analysis:
ROSE climbed 82% from its February low, then dropped nearly 29% into support last Tuesday and Wednesday.
The price is currently testing this support again, near $0.2490. It may provide support again and has confluence with the 61.8% and 78.6% retracements.
Resistance begins just above, at $0.2637. This inefficiently traded area, which reaches slightly beyond $0.2862, contains the April monthly open, a bearish market structure break on the daily chart, and the 9, 18 and 40 EMAs.
These confluences often provide strong resistance. Since this resistance is close to the $0.2490 support, the price might enter consolidation before breaking out to the next move.
If the price breaks this resistance, bulls might eye an area of old rejection, near $0.3062, as their next target. Continuation through this level may target another area of bearish rejection on the weekly chart, near the 27% extension from $0.3495 to $0.3660.
A more significant bearish turn in the market may reach for bulls’ stops under the February lows, down to an area of old support in an inefficiently traded area between $0.1641 and $0.1174.
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.
Welcome to this weekly series from the TradeRoom. My name is Dave and I’m the founder of The Crypto Den, an Australian-based crypto trading and education community aiming to give you the knowledge to take your trading game to the next level.
Crypto Market Outlook
Well I’m back on the charts after two weeks with Covid (not fun!) and straightaway we can see BTC doing exactly what I was concerned about in my last analysis article. She’s broken out to the upside but failed to hold above that very important level of support.
Image from my last article showing my concern for BTC
BTC current chart
The current price action could simply be painting a retest before continuing up, or we could be seeing a really big bear flag forming. My vote is for the latter. The bear flag price objective is usually the length of the “flag pole”, which would take the BTC price below US$20,000. The rising price and lowering volume after a 50% market dump is indicative of a bear flag, in my opinion.
BTC/USDT
So what are we waiting for and how do we trade it? Well, as a price action trader I’m looking for key levels to either hold or break. If US$40,000 fails to hold and we create a lower low below US$37,000, I’d be feeling confident in shorts. If US$40,000 holds as support and we see some great bullish candlestick analysis in the region, I’ll scale into longs.
Again, my bias at this moment is bearish, as it has been since the end of last year. We are back below the daily 200 EMA and 100 EMA. I sure would love to buy more BTC sub-US$20,000!
This Week’s Trades
With a bearish bias, I’m looking for coins that have had recent pumps into key levels which could be setting up for shorts.
KNC/USDT
One I’m watching is KNC. It’s had some nice bullish PA up to its previous ATH exactly a year ago. It’s currently painting a big exhaustion wick on the daily and showing a decent bearish divergence on the 4H chart, all at key resistance.
KNC/USDT
JST/USDT
Watching JST for shorts at the moment, and we can see on the daily some buyer exhaustion on a lower high and with low volume. I’m inclined to short this back to US$0.06. Still 12 hours for daily close, so worth watching in my opinion.
JST/USDT
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A German/US joint operation has seen Hydra Market – the world’s largest darknet marketplace – shut down. At the same time, the US Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned wallets and a Russian cryptocurrency exchange known for money laundering.
The marketplace offered a variety of services, from allegedly arranging drug transactions to money laundering. OFAC sanctioned more than 100 cryptocurrency addresses related to Hydra, adding them to its Specially Designated Nationals and Blocked Persons (SDN) list.
Darknet market share of total market. Source: Chainalysis
The Russian-based Hydra Market has been the largest darknet market for the past few years, even though it only served Russian-speaking countries. In 2021, Hydra received more than US$1.7 billion worth of cryptocurrency, which accounts for over 75 percent of all darknet market revenue globally.
Money Laundering Staunched by Hydra’s Closure
In fact, since 2020, Hydra received US$645 million worth of cryptocurrency from illicit sources, including other darknet markets, wallets holding stolen funds, ransomware operators, and scammers. Chainalysis believes much of this was due to its widely used money-laundering services.
A vendor listing for a money-laundering service on Hydra.
Russian Crypto Exchange Goes Down With Hydra
Garantex is a sizeable crypto exchange based in Russia and, according to the Chainalysis 2022 Crime Report, is also the largest platform for money laundering in Moscow, having received more than US$10 million from known ransomware strains including NetWalker, Phoenix Cryptolocker, and Conti.
Following the closure of Hydra, OFAC has also sanctioned Garantex, which has been previously investigated for its money-laundering indiscretions.
Illicit Activity a Fraction of Total Transaction Volume
As it stands, illicit activity represents only a small portion of total transaction volume as adoption in the crypto space has soared. The level of criminality on the blockchain has lessened considerably, with illicit transactions accounting for a much smaller segment of the total.
Across all cryptocurrencies tracked by Chainalysis, total transaction volume grew to US$15.8 trillion in 2021, up 567 per cent on 2020’s totals. Given the massive increase in adoption, it’s no surprise that more cybercriminals are using cryptocurrency. But the fact that the increase in illicit transaction volume was nearly an order of magnitude lower than overall adoption shows that illicit activity may be in decline.
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. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 6th cryptocurrency globally and the current price is US$113.76. Let’s take a look at the chart below for price analysis:
SOL has retraced 60% from its December highs and reached possible support last month near $85.34. Resistance might begin near $115.24, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $120.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $126.42 and $139.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $105.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $96.10 and $90.54. If the price reaches this zone, the May 2021 swing high near $84.13 might mark a more sensitive level.
2. Terra (LUNA)
Terra LUNA is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its whitepaper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin, and offers fast and affordable settlements. Terra’s native token, LUNA, is used to stabilise the price of the protocol’s stablecoins. LUNA holders are also able to submit and vote on governance proposals, giving it the functionality of a governance token.
LUNA Price Analysis
At the time of writing, LUNA is ranked the 9th cryptocurrency globally and the current price is US$94.89. Let’s take a look at the chart below for price analysis:
LUNA showed significant strength in the face of a mostly bearish altcoin market, rallying over 95% during Q1.
The price is currently retracing from resistance near $114.90, just below the all-time high. Bulls might begin eyeing entries near $90.00, which will soon be near the 18 EMA and between the 61.8% and 78.6% retracement levels of the last leg upward.
A deeper retracement might reach an inefficient zone and the 40 EMA under the last daily swing low, between $87.44 and $84.07. A move below this low suggests a more bearish shift in market structure. If this shift occurs, it could create a short setup to target possible support at the upmove’s accumulation zone, near $79.41.
While the price is retracing, $98.44 offers the closest probable resistance at the yearly open. Just above, near the March monthly open, the consolidation lows near $101.69 are also a reasonable candidate for resistance.
If the price breaks through these resistances, the significant resistance at $107.69 might also break and allow LUNA to set new monthly highs. However, bulls should keep in mind that the overall market is mostly bearish, decreasing the chances of a massive bullish breakout. If the price does break the all-time high and enter discovery, overlapping extensions near $125.40 offer a possible significant target.
3. Tron (TRX)
Tron TRX is a blockchain-based operating system that aims to ensure this technology is suitable for daily use. Whereas Bitcoin can handle up to six transactions per second, and Ethereum up to 25, TRON claims that its network has a capacity for 2,000 TPS. This project is best described as a decentralised platform focused on content sharing and entertainment and to this end, one of its biggest acquisitions was the file-sharing service BitTorrent in 2018. Overall, TRON has divided its goals into six phases. These include delivering simple distributed file sharing, driving content creation through financial rewards.
TRX Price Analysis
At the time of writing, TRX is ranked the 25th cryptocurrency globally and the current price is US$0.06387. Let’s take a look at the chart below for price analysis:
TRX accompanied the rest of the market during the January drop, falling nearly 50% from its mid-December high until it found a low early in February.
Price action formed a weekly support level near $0.06154, which has so far held up the price. The most recent swing low inside this range, near $0.05929, might be the target for any future stop runs. After this low, the swing low near $0.05789 and the gap beginning near $0.05555 mark possible higher-timeframe support.
The price is currently battling with significant higher-timeframe resistance levels, with the closest probable resistance resting near $0.07092, just over the previous monthly open. A sweep of the relatively equal highs above this resistance might find sellers near $0.07535 – but could reach as high as $0.08137.
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.
The Ultimate Fighting Championship (UFC) is taking its partnership with Crypto.com to the next level with the introduction of “Fan Bonus of the Night” – an innovative collaboration with the major exchange where fans vote on the allocation of fighter bonuses for pay-per-view (PPV) events to be paid out in bitcoin:
Until now, the decision as to which fighters delivered performances worthy of a bonus lay solely with UFC matchmakers. However, since the advent of “Fan Bonus of the Night”, fans are now able to participate in what is always a controversial decision.
The inaugural fan bonuses will commence this weekend at UFC 273, headlined by Aussie featherweight champion Alexander “The Great” Volkanovski, who defends his crown against South Korean veteran TKZ, otherwise known as “The Korean Zombie”.
Alex Volkanovski proudly representing the Australian flag. Source: UFC
Voting for the “Fan Bonus of the Night” will take place on Crypto.com and is open to all users globally. Each fan will get three votes per PPV and can vote for two fighters within each bout. Voting opens at the start of the PPV prelims and ends one hour after the conclusion of the event.
Bonuses on Top of Bonuses
In total, three bitcoin bonuses will be awarded, ranging from US$10,000 to U$30,000. Given that fighter pay remains a hot topic within the MMA community, it’s worth noting that these fan bonuses will be in addition to fighter salaries, as well as the U$50,000 “Fight of the Night” and “Performance of the Night” bonuses typically awarded.
“Uncle Dana”, as UFC president Dana White is affectionately known by fans and MMA (mixed martial arts) journalists alike, spoke positively about Crypto.com’s proactive approach to increasing fan engagement:
They’re [Crypto.com] constantly coming up with new ideas about how we can work together to connect with the fans. This new Fan Bonus of the Night is an awesome way to get fans more engaged in our events while rewarding the fighters for bad-ass performances.
As an inflation-resistant savings technology, it’s hard to argue with The Predator’s assessment of Bitcoin. However, given his knockout power, you’d probably be inclined to agree with him irrespective:
At this week’s Bitcoin 2022 conference, Robinhood announced the rollout of wallets to two million eligible users with further plans to integrate the Lightning Network, according to a blog post by the crypto broker.
Robinhood chief product officer Aparna Chennapragada announced that customers who have been waitlisted for the digital wallet can now send and receive cryptocurrencies. The wallet will not, however, support Ethereum-based services such as NFTs and ERC-20 tokens.
Super pumped to announce on the #Bitcoin2022 stage that @RobinhoodApp has rolled out wallets access to the nearly 2 million people on the WenWallets waitlist.
The wallet will not be available to users in the US states of Hawaii, Nevada and New York “due to local regulations”. Robinhood has been testing its digital wallet feature since September 2021, completing its first alpha transfer in November and launching a beta version for tens of thousands of users in January 2022.
The reaction from the Robinhood community has been mostly positive, though according to the firm’s FAQ, any NFTs or unsupported tokens sent to a Robinhood Ethereum address will be lost.
The Australian Prudential Regulation Authority (APRA) is in the final stages of drafting a letter to Australia’s financial institutions that will outline its expectations for the future of digital assets, in the wake of the UK’s recent statement on digital assets.
APRA chair Wayne Byres hints central bank digital currencies will be coming soon, “allowing new markets & services to flourish”.
APRA to work with Australian Govt to make a framework for digital currency & wallets in Australia.
APRA has plans to provide the industry with more clarity in the coming months, cautioning banks, super funds and insurers planning to take on crypto. Chairman Wayne Byres said this week that the regulator was finalising its letter prescribing its requirements for how financial institutions deal with digital assets.
While the number of Australian financial institutions embracing crypto is so far limited, with the Commonwealth Bank becoming the first bank to offer crypto-related services in late 2021, it is necessary to achieve clarity on regulation as soon as possible. This comes as regulators overseas make similar moves.
Much like our approach to climate risk, [the letter’s] underlying message is primarily one of: ‘by all means innovate, but proceed with care and in full knowledge of the risks’.
Wayne Byres, APRA chairman
However, not everyone is happy with the news, and social media has offered mixed responses. APRA claims that a regulatory framework for “stored value facilities” is a high priority, as these facilities will purportedly allow customers to store funds for future payments.
APRA already prevents market competition against the big 4 with fractional banking. No surprise that they are setting their sights on crypto 🙃
Last week ASIC chairman Greg Medcraft urged Aussie regulators to join the crypto start-up race, encouraging the development of plans for the future of digital asset investment and technology. Medcraft said it was “a global competition” and if financial institutions didn’t get in now they could risk missing out.
As long ago as July 2021, Australian crypto companies were requesting more certainty regarding the regulation of the industry. At the time, this resulted in the Australian Fintech Senate allowing Aussies to submit their requests relating to technology and finance and how society might benefit from emerging technologies.
