Top 5 crypto news of the week

What crypto news touched us this week? Find our top 5 crypto news of the week every Saturday.

Robert Kiyosaki, author of the best-selling book Rich Dad Poor Dad, has revealed that he is buying more BTC at current prices.

In a tweet on Saturday, Kiyosaki claimed that the Securities and Exchange Commission (SEC) will “crush” most altcoins with their regulations, suggesting that’s why he’s only betting on BTC for now. He said:

“I am very excited about bitcoin. And why? Because bitcoin is classified as a commodity similar to gold, silver and oil. Most crypto tokens are classified as securities and SEC rules will wipe out most of them. I buy more BTC.”

In an interview with CNBC in early October, SEC Chairman Gary Gensler reiterated his belief that Bitcoin is a commodity, while most other crypto tokens are securities. “The law is clear in this regard. I believe based on the facts and circumstances that most of these tokens are securities,” he said at the time.

In mid-December, the SEC also classified FTT, the original token of the now-collapsed cryptocurrency exchange FTX, as a security in a complaint. The move sparked speculation about whether other tokens from centralized exchanges would qualify as securities and what that might mean for those platforms.

As Wall Street kicks off the final trading week of the year, prices of the main cryptocurrency are once again showing volatility for the first time. JP Morgan’s CEO calls BTC “non-existent” to the institutional investment world. Is he right, or is the classical financial world divided on the meaning and potential of Bitcoin?

Current bitcoin data:

Market cap: $324.2 billion (-1.07%)

24-hour trading volume: $15.3 million (+28.62%)

24-hour high: $16,663

24-hour low: $16,959

Commodity experts and institutional investor strategists disagree on Bitcoin & Co.

In the last trading week of 2022, the crypto reserve currency showed increased volatility again. Although the BTC price fell before the New Year, it has since started a small counter movement and is now positive Bitcoin forecast.

The return of volatility is a reason for many observers to once again say goodbye to Bitcoin and Co. Jared Gross, who oversees institutional portfolio strategy at JP Morgan, goes so far as to describe crypto as “virtually non-existent” for institutional investors.

Is the German economy heading into a recession or not? In any case, the economic forecasts do not agree on how the country’s economic performance will continue. Commerzbank is cautiously optimistic, the Institute for German Economics sees it a little differently.

So far, the German economy has held up surprisingly well. The state is pumping a lot of money into the gearbox and, according to Commerzbank, can almost prevent a recession in 2023. This means that some experts are changing their assessment of the situation, because as recently as September it was still assumed that the economy would shrink significantly by around 1.5 percent in the coming year.

Borrowing costs are rising

Most recently, Germany recorded a small plus of 0.4 percent in growth in the third quarter of the year. In October, industrial production did not fall as expected, but only by 0.1 percent compared to the third quarter. This makes it possible to dive through. The rationing of natural gas, which has now become unlikely, gives reason to hope that there will be no decline in economic output.

But the tightening of monetary policy presents companies with additional challenges. Interest rates are rising and so are borrowing costs. At the same time, consumer behavior can reverse, causing sales to fall.

BMW and Coinweb enter into a partnership to integrate blockchain technology into the car group’s customer management.

Access to Binance’s Distributed Ledger Technology (DLT) aims to offer loyal customers a whole new experience. The highlight of the collaboration is a customer loyalty program to help the group avoid problems with car financing.

BMW, Coinweb and Binance: customer loyalty via Web 3.0

When decentralized technologies find application in the economy, it is not only good news for the companies involved, but also a step forward for crypto adoption in general.

BMW Financial Services and Coinweb initially plan the implementation of smart contracts in Thailand, which will automate manual and time-consuming processes in vehicle financing. Prior to the development of the business solution, a feasibility study has been carried out.

The customer loyalty program based on Binance Chain is planned for the second phase of the project and aims to reward loyal customers of the brand in the form of loyalty bonuses.

Transactions will take place across chains and rewards will be redeemable in a connected ecosystem that includes BMW and partner companies. The BNB chain will act as anchor chain due to its performance, cost efficiency and speed.

Cardano is one of the most recognized decentralized finance solutions in the crypto industry. The smart contract platform is a popular technological basis for business solutions. This is currently of no use to the ADA token. Trust Wallet’s announcement to enable ADA efforts via smartphone app could provide a boost.

Brief overview of current Cardano data

Price: $0.2411

Market cap: $8.3 billion

Trading volume: $187.918 million

24-hour high: $0.2465

24-hour low: $0.2404

04 Jan 2023 17:36 CET 7 min read

Cardano Price Prediction

The Cardano price broke below the descending resistance line, which comes down to the highest level of $3,101, which was set in August 2021. This month, the digital currency showed a bottom price of $0.241. The $0.350 support that has existed since early 2021 has been broken horizontally and may represent resistance going forward.

Since breaking the key support, the ADA price has been steadily declining and is currently trading at $0.2411. The closest support area is located at $0.150. If prices fall to this level, it will represent a 38 percent drop from current levels.

Along with the descending resistance line and a break of the previous support at $0.350, the weekly RSI also signals a possible continuation of the downtrend. The relative strength indicator deviated from its bullish divergence trendline and fell below the 30 level.

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