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Southeast Asia’s Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand

The largest bank in Southeast Asia, DBS, has launched self-directed cryptocurrency trading via its app. More customers are now qualified to access the bank’s digital asset exchange and trade cryptocurrencies, including bitcoin and ether.
DBS Launches Self-Directed Crypto Trading
DBS, the largest bank in Southeast Asia, announced Friday that it “has rolled out self-directed crypto trading via DBS digibank.” The announcement details:
Eligible clients can now trade cryptocurrencies on DBS Digital Exchange (Ddex) through DBS digibank at their convenience.
The DBS digital asset exchange currently supports the trading of four cryptocurrencies — bitcoin, bitcoin cash, ether, and XRP. Previously, crypto trading on the exchange was limited to corporate and institutional investors, family offices, and the bank’s private wealth management clients.
With Friday’s launch, DBS explained:
For a start, an estimated 100,000 investors in Singapore meet this criteria, and are eligible to access the services offered by DBS’ digital assets ecosystem.

Sim S. Lim, an executive in the bank’s Consumer Banking and Wealth Management, opined: “Broadening access to Ddex is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.”
In August, DBS said that the trading volume on its digital asset exchange soared. “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market,” the bank said. The bank also recently entered the metaverse by partnering with The Sandbox.
DBS Bank Group CEO Piyush Gupta said in March that he does not think cryptocurrency will become money but noted that “it can be an alternative to gold and its value.”

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DBS, DBS bank, DBS crypto exchange, dbs digital asset exchange, DBS self-directed crypto trading, dbs singapore, DBS Southeast Asia, self-directed crypto trading, self-directed cryptocurrency trading, Southeast Asia Bank, Southeast Asian largest bank
What do you think about DBS launching self-directed crypto trading via its app? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse.
JPMorgan Sees Little Demand for Crypto as a Payment Tool
The global head of payments for JPMorgan’s Corporate & Investment Bank division, Takis Georgakopoulos, talked about client demand for crypto as a payment method in an interview with Bloomberg Television this week. He said:
We saw a lot of demand for our clients, let’s say up until six months ago. We see very little right now.
While noting that the demand for crypto as a payment tool has drastically declined, Georgakopoulos stressed that the bank will still support clients who want to use crypto for this purpose.
He added that cryptocurrencies are also becoming “larger and larger” in the gaming sector — both in traditional gaming and in the metaverse, where he sees many opportunities.
This week, JPMorgan CEO Jamie Dimon also reiterated his skepticism about bitcoin and cryptocurrency. “I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes,” the executive said. However, he emphasized that he is not skeptical about blockchain and decentralized finance (defi), calling them “real” innovations.

A recent survey conducted by Deloitte in collaboration with Paypal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”
A different survey by Bank of America showed “growing interest” in crypto’s use as a payment method. “39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively,” the bank described. Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.

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What do you think about JPMorgan saying that there’s little demand for crypto as a payment tool? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Robert Kiyosaki Says End of Fake Money Is Here — Shares 3 Lessons to Help Investors Amid Market Crashes

After predicting the biggest crash in world history, Robert Kiyosaki, the famous author of the best-selling book Rich Dad Poor Dad, says the “end is here” for fake money. He reiterated three lessons that will help investors “do well in market crashes.”
Robert Kiyosaki on the End of Fake Money
The author of Rich Dad Poor Dad, Robert Kiyosaki, shared some of his views and investment lessons in a couple of tweets this week. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.
Kiyosaki tweeted on Tuesday explaining why he thinks the end of “fake” money has arrived. The famous author wrote:
End is here. Called Jerry Williams, my trusted gold and silver dealer. He said: ‘I can’t get gold or silver coins. The mint will not sell me anymore.’ To me, this means the end of fake $ is here.
He proceeded to reiterate his silver recommendation. “As stated in earlier tweet silver going to $100 to $500. Get some. Protect yourself,” he wrote. His advice followed another statement he made recently that gold is expensive, calling silver the best investment value today.
Kiyosaki previously explained that when President Richard Nixon removed the U.S. dollar from the gold standard in 1971, “the U.S. dollar became fake money.” He clarified that “This is because rather than being tied to real money,” such as gold, “it was tied to the ‘full faith and credit’ of the United States.”
In a tweet on Thursday, the renowned author reminded investors of some lessons. “In Rich Dad Poor Dad, I stated Rich Dad’s 3 lessons,” he described, elaborating:
1: Your house is not an asset. 2: Savers are losers. 3: The rich do not work for $.
“The rich are entrepreneurs who do not need a job,” he added, noting that these people “create jobs, create [their] own assets, and do well in market crashes.” He then emphasized that “2022 is your time to get richer.”
Last week, Kiyosaki urged people to “invest in real money,” naming gold, silver, and bitcoin. He stressed that the Federal Reserve “raising interest rates will destroy the U.S. economy.”

Kiyosaki has repeatedly warned that the biggest crash in world history is coming. In April, he said all markets are crashing.
He recently urged his mailing list subscribers to buy cryptocurrency now, ahead of the biggest crash in world history. The famous author has stated for several months that he is waiting for the price of the cryptocurrency to bottom out before getting in. He recently said he was in a cash position ready to buy BTC, suggesting at one point that the price of the crypto could test $1,100.

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What do you think about the warnings and advice by Robert Kiyosaki? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Moscow Exchange Suggests Issuing Crypto Receipts for Those Afraid of Blockchain

The Moscow Exchange has proposed to legalize the issuance of receipts for digital financial assets. The trading platform says this will allow custodians to offer clients who are not ready for distributed ledgers to essentially work with securities. MOEX also plans to become a licensed crypto exchange operator.
Largest Russian Stock Exchange Gears Up to Enter Digital Asset Market
The leading exchange for equities and derivatives in Russia has drafted new legislation that would authorize depositories to issue receipts for digital financial assets (DFAs). In current Russian law, the broad term ‘DFAs’ encompasses cryptocurrencies in the absence of a more precise definition, but mainly refers to digital coins and tokens that have an issuer.
Under such arrangement, DFA receipts can be traded as securities, explained Sergey Shvetsov, who heads the supervisory board of the Moscow Exchange (MOEX). During the latest edition of the International Banking Forum, the official emphasized that the exchange “will naturally enter this market” and stated:
We have prepared a project that allows you to issue receipts for digital assets, then these receipts are circulated as securities.
MOEX has already filed the respective bill with the Central Bank of Russia (CBR) and will also coordinate the initiative with the Ministry of Finance. The legislation will provide those who are not ready to work with distributed ledgers and afraid of custodial risks an opportunity to transfer these risks and be able to issue securities, Shvetsov added.
“In order for DFAs to develop, we want to propose that the market itself makes the choice – blockchain accounting or depositary accounting,” he further elaborated, reminding the audience that the Moscow Exchange also wants to obtain a license from the CBR to operate as a digital asset exchange. In August, MOEX announced its intention to launch a DFA-based product by the end of the year.

“If such a law is adopted, Russian depositories will be able to accumulate DFAs on their accounts in the blockchain and give receipts against them to their clients. As soon as a customer needs the underlying asset, he would cancel the receipt and receive his digital asset on his blockchain account,” Shvetsov was quoted as saying by the Prime business news agency.
Support has been growing in Moscow to permit the use of digital assets such as cryptocurrencies for international settlements amid sanctions, while it’s still unclear if regulators will allow their free circulation inside the country. In any case, Russia must create its own crypto infrastructure, according to the head of the parliamentary Financial Market Committee. Anatoly Aksakov recently said that the stock exchanges in Moscow and Saint Petersburg are ready to provide it.

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bill, Blockchain, Crypto, crypto exchange, Cryptocurrencies, Cryptocurrency, DFAs, Digital Assets, equities, Exchange, Legislation, moex, moscow exchange, receipts, Russia, russian, Securities
Do you expect the Moscow Exchange to become a major player in Russia’s crypto market? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Report: Leaked Audio Featuring Celsius Execs Uncovers Plans to Create an IOU Cryptocurrency

According to leaked audio obtained by CNBC, the crypto lender Celsius wants to create an IOU cryptocurrency in order to pay clients back. The audio was provided by a Celsius customer and the recording explains the bankrupt crypto lender wants to create a form of “wrapped tokens” that represents a ratio of what customers are owed and what the firm has left on its balance sheet. The pitch claims that if Celsius customers hold on to their tokens there’s a possibility financial loss could be mitigated.
Leaked Audio Verified by Former Celsius Employees Reveals an IOU Cryptocurrency Concept
After a court-appointed examiner was added to the Celsius bankruptcy case and the crypto lender sought to reopen withdrawals for specific customers, leaked audio obtained by CNBC details that Celsius allegedly wants to create an IOU cryptocurrency.
It all started 103 days ago on June 12, at 10:10 p.m. (ET), when Celsius told the public that it paused “all withdrawals, swaps, and transfers between accounts.” A month later, following several insolvency and restructuring rumors, Celsius filed for Chapter 11 bankruptcy protection.
Celsius is not the first crypto company to create a token to repay debt as the plan was leveraged by Bitfinex after the exchange lost close to 120,000 BTC in the 2016 breach. The exchange initially issued “Recovery Rights” coins called BFX tokens and by April 2017, the exchange said the debt was paid in full.
The Celsius audio obtained by CNBC derived from a customer named Tiffany Fong, and the news outlet was able to verify that the audio was “authentic” from former Celsius employees. The audio allegedly features Celsius co-founder Nuke Goldstein and the company’s chief technology officer Guillermo Bodnar.

Celsius Wants to Highlight ‘Transparency’ via a ‘Transaction Management System’
According to the audio, a specific type of “wrapped tokens” will serve as IOUs, and the company’s mining business and staked ethereum could help provide backing. Two days before Celsius paused withdrawals, crypto proponents discovered a large amount of Lido’s staked ether (STETH) allegedly connected to the crypto lending firm.
Goldstein says the plan would be applied to customers that leveraged the “Earn” account. Bodnar explained in the audio that the IOU token idea was in its “early stages” and a portion of audio shared exclusively with CNBC says Bodnar details another plan to bolster the compensation idea.
He summarized a “transaction management system,” CNBC’s Paige Tortorelli and Kate Rooney report, and the system will aim to provide Celsius customers with better “transparency.”
“Transparency reflected not just in how we communicate, but making sure that everything that is done within our platform is traceable, is auditable, end to end — we don’t have anything to hide,” Bodnar said in the audio.
Celsius already deployed a token called celsius network (CEL) that was supposed to be “the backbone of the Celsius Network.” CEL was meant to create a “value-driven lending and borrowing platform” for all of its members.
At the time of writing, there’s a circulating supply of 423,415,980 CEL today. CEL is down 80.6% from the crypto asset’s all time high, and it’s seen $8,280,796 in global trade volume worldwide.
The most active exchange today in terms of CEL trades and liquidity is Digifinex. Moreover, a small fraction of CEL proponents attempted a so-called short squeeze with CEL in July and the endeavor eventually failed.

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AUDIO, BFX tokens, BitFinex, Celsius, Celsius bankruptcy, Celsius crypto lender, Celsius IOU token idea, Chapter 11, Chapter 11 Bankruptcy, crypto IOU, Crypto lender, Earn account, Guillermo Bodnar, IOU, IOU crypto, IOU token idea, IOU Tokens, leaked audio, Nuke Goldstein, Tiffany Fong, transaction management system
What do you think about the leaked audio that says Celsius wants to issue a crypto asset IOU token to repay “Earn” customers? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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While Known Mining Pools Currently Dominate, Unknown Miners Discovered the Most Bitcoin Blocks During the Last 13 Years

The Bitcoin network has been operational for 5,012 days and so far, more than 755,000 blocks have been mined into existence. During the last year, Foundry USA and Antpool were the top two miners as the combined pools collectively mined 18,229 blocks out of the 53,510 blocks mined this year. Foundry is the leader this year, but all-time statistics show the pool is the 15th largest, and has only found 1.55% of the more than 755,000 blocks discovered.
Unknown Hashrate Discovered a Majority of Bitcoin Blocks During the Last 13 Years
During the past three days, 11 different known mining pools have dedicated hashrate to the Bitcoin (BTC) network. Furthermore, during the last 12 months, 27 different known mining pools mined BTC and all-time statistics indicate roughly 98 pools have mined BTC during the past 13 years.
This year, Foundry USA is and has been the leader in terms of hashrate, and out of 53,510 BTC blocks, Foundry discovered 10,044 blocks total. Antpool managed to gather 8,185 BTC blocks, and the two top pools were followed by F2pool, Binance Pool, Viabtc, Poolin, and Btc.com, respectively.
12-month Bitcoin hashrate distribution statistics from January 3, 2009 to September 23, 2022.
Unknown hashrate, otherwise known as stealth miners, only captured 1.78% of the blocks found during the past year. Unknown hashrate managed to gather 954 blocks in 12 months as known mining pools have become a prominent force in the world of Bitcoin.
Yet, that hasn’t always been the case, and stealth miners including Satoshi Nakamoto, are still the ultimate winners of the most BTC blocks found in history. Data shows that out of 755,432 blocks mined during the last 13 years, unknown hashrate has captured 29.90% of the global hashrate.
All-time Bitcoin hashrate distribution statistics from January 3, 2009 to September 23, 2022.
While unknown hashrate is less notable these days, stealth miners have managed to find 225,864 blocks since the network started. While F2pool was the third largest pool this past year, the pool is the second largest pool of all time.
F2pool has managed to command 9.73% of the global hashrate for more than a decade, and it has found 73,477 BTC blocks. Antpool holds the third largest pool position of all time with 65,999 blocks found to date.
Btc.com captured 39,022 blocks and Braiins Pool (formerly known as Slush Pool) found 38,376 blocks to date. The now-defunct ​​BTC Guild is still the sixth largest mining pool in terms of blocks found during the past 13 years.

Today’s top miner, Foundry USA, is in the 15th position in terms of all-time statistics and it’s only found 1.55% of the blocks mined to date. 12 different pools have found less than 50 blocks and four mining pools have found less than 30.
The bitcoin mining pool 175btc has found the least amount of blocks (22), according to all-time bitcoin mining distribution statistics. After 13 years, in September 2022, Bitcoin’s global hashrate and mining difficulty reached all-time highs.

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antminers, Antpool, Avalonminers, Bitcoin, Bitcoin (BTC), Bitcoin mining, Bitmain, BTC, BTC Guild, Canaan, difficulty decrease, difficulty drop, F2Pool, Foundry USA, Hashpower, Hashrate, Microbt, mining, Mining BTC, Mining Difficulty, Processing Power, SHA256 processing power, Stealth Miners, Unknown hashrate, Unknown Miners, Whatsminers
What do you think about the distribution of bitcoin blocks during the last 13 years? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Value Locked in Defi Drops to Lows Not Seen Since March, Ethereum Dominates TVL by 57%

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Biggest Movers: DOGE Hits 1-Month High to Start the Weekend

Dogecoin rallied to a one-month high to start the weekend, as markets marginally rebounded on Saturday. The token rose by as much as 10% in today’s session, racing past a key resistance in the process. Solana was another notable gainer, as it hit an 11-day high.
Dogecoin (DOGE)
Dogecoin was one of Saturday’s most notable movers, as the meme coin rose to a one-month high in today’s session.
Following a low of $0.05974 on Friday, DOGE/USD rose to an intraday peak of $0.06797 to start the weekend.
As a result of today’s surge, the token moved past a key resistance level of $0.06540, rising to its highest point since August 26 in the process.
DOGE/USD – Daily Chart
Looking at the chart, DOGE has slipped from earlier highs, as the 14-day relative strength index (RSI) collided with a ceiling of its own.
As of writing, the index is currently tracking at 56.59, which is marginally below a resistance of 57.00.
Currently DOGE is trading at $0.06572, which is slightly above its aforementioned price ceiling of $0.06540.
Should bulls attempt to push the token back beyond this point, there will need to be a breakout first within the RSI.

Solana (SOL)
In addition to dogecoin, solana (SOL) was another notable gainer in today’s session, as the token moved closer to a resistance level of its own.
SOL/USD surged to a high of $34.70 earlier today, which saw prices climb higher for a third consecutive session.
As a result of today’s peak, the world’s ninth largest cryptocurrency climbed to its strongest point since September 13.
SOL/USD – Daily Chart
Bulls now look set to take prices even higher, with a ceiling of $36.50 a possible target, should this week’s momentum continue.
Despite the high level of volatility in crypto markets this week, SOL is trading over 4% higher from the same point last week.
The moving average of 10-day (red) also appears to have crossed versus its 25-day (blue) counterpart, which could signal that further gains are ahead.
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Could solana hit $40.00 before the end of the month? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility

Following what has been a turbulent week of trading, bitcoin prices consolidated to start the weekend. The token rose marginally above the $19,000 level on Saturday, hovering near a three-month low in recent days. Ethereum was also consolidating in today’s session, as prices moved back above $1,300.
Bitcoin
Bitcoin (BTC) rose marginally above $19,000 on Saturday, as markets continued to digest this week’s heightened level of volatility.
Following a low of $18,617.55 on Friday, the world’s largest cryptocurrency rose to an intraday peak of $19,374.55 earlier today.
This move saw bitcoin climb back above its key support point of $19,300, following a recent breakout which sent prices to a three-month low.
BTC/USD – Daily Chart
Looking at the chart, the initial price increase in today’s session came as the 14-day relative strength index (RSI) also moved higher, hitting a resistance level in the process.
Since hitting a ceiling of 44.10, BTC/USD prices have fallen from earlier highs, and as of writing are trading at $19,061.70.
Should bulls intend to take the BTC higher, potentially even back above $20,000, this current obstacle on the RSI will need to be overcome.

Ethereum
In addition to bitcoin, ethereum (ETH) has also had a turbulent week — one which saw prices fall to a low of $1,220.
However, after hitting this point, which now appears to be a price floor, the token has marginally risen in back-to-back sessions.
On Saturday, ETH/USD rose to an intraday high of $1,335.28, which comes less than 24-hours after trading at a low of $1,270.20.
ETH/USD – Daily Chart
As seen from the chart, the move came as its RSI also rose, hitting a height of 38.70 in today’s session.
Similar to bitcoin above, this reading took the index to a resistance point, which has historically been an area where bears reenter the market.
As of writing, ETH is trading at $1,327.12, which is still over 3% up from Friday’s floor.
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Do you expect ethereum to climb higher this weekend? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Flynt Launches Industry’s Highest Yield Product on Bitcoin

press release

PRESS RELEASE. Flynt Finance, the cryptocurrency financial services company based in Singapore co-founded by previous derivatives exchange operators and analysts, launched a platform for crypto structured products last week. The relatively high returns (up to 50% APY) on Flynt has gained strong interest from crypto yield enthusiasts, especially during the bear market where volatility is harder to come by.
Cryptocurrency markets are often thought of as the go-to place for high-risk high-return due to the volatile price movements. Managing risk for such assets can be complex, especially for those that do not have a financial background.
A popular way to hedge is to use options by entering into positions opposite to current asset holding. For example, holding spot bitcoin and buying a put option when you expect some downward price action. Although still a nascent field compared to perpetual futures, crypto options are a great way to hedge your volatile positions both during times of chop and strong trends.
There are also various structured products that provide yield with combined strategies of options, lending, and futures. One of the simplest and most popular structured products is the covered call strategy or a cash covered put strategy. Even the legendary Warren Buffet has famously used this to earn premiums on Coca-Cola stocks.
Since 2021 there has been a rush to offer covered call strategies on various cryptocurrencies for the yield-hungry crypto investors. These strategies have been growing rapidly since their inception and have held up surprisingly well during the more recent downturn.
After rigorous research and backtesting various strategies, the team at Flynt decided to launch their very own structured product strategy, the “BTC Covered Call Strategy x5”. This strategy sells call options on a weekly basis and reinvests the premium earned into the following week. Based on the full 3-year set of trading data from Deribit (a leading cryptocurrency options platform), the team derived a proprietary strike price selection algorithm that maximizes returns and minimizes the chance of taking a loss. A key differentiator for Flynt’s product is its use of leverage. Flynt uses up to 5 times leverage on their strategies to both increase the returns as well as decrease the chance of taking a loss by selecting a further OTM strike price. According to their backtests, this resulted in an average APR of 47%(including losses) compared to the industry average of about 15%(not including losses).
David Seo, CEO of Flynt Finance mentions that “for most people, a non-leveraged covered call strategy should be just fine, but for those that would like to take more risk for higher returns should definitely give Flynt a try. Through Flynt, we aim to provide access to crypto investment strategies for a variety of risk profiles.”
About Flynt Finance and the Team
Flynt Finance is a one-stop asset management platform that provides structured products on cryptocurrencies. The team is made up of blockchain OGs that have experience delivering a wide range of services including cryptocurrency exchanges, blockchain protocols, and dApps together since 2015. Flynt’s CEO, David Seo was the COO of a leading South Korean exchange, and Victor Park, the CTO has been building robust stock and cryptocurrency trading platforms for the past 20 years. Other core members have extensive experience in various fields including financial big data modeling, asset custody services, derivatives trading, and trading structured products.
Flynt’s team began the new initiative with a bold mission to provide financial freedom to everyone regardless of geography, technology, and privilege.
To ensure transparent communication to the clients on how the deposited funds are used, every strategy executed by the team can be found on Flynt’s website in detail.
Currently providing bitcoin covered-call strategies that generate up to 50% APY, Flynt plans to continue to meet the needs of the ever-evolving crypto investor through innovative products.

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This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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