• OANDA has been named Singapore’s #1 crypto broker for client satisfaction in a recent survey.
• This marks the second consecutive year OANDA has received this honor, demonstrating its position as the preferred choice for crypto traders in Singapore.
• OANDA offers a user-friendly interface, advanced tools, and 24/7 customer support to help traders make informed decisions.
OANDA, a leading online trading platform, has been recognized as Singapore’s #1 crypto broker for client satisfaction according to a recent survey conducted by a leading financial news outlet. This is the second consecutive year that OANDA has received this honor, solidifying its position as the go-to choice for crypto traders in Singapore.
The crypto industry has the potential to revolutionize financial transactions by using decentralized currencies such as Bitcoin and Ethereum. Blockchain technology is also believed to have the potential to disrupt a variety of industries, making it an exciting space for investors. Although the crypto industry is still in its early stages, it has significant potential for growth and innovation.
OANDA is at the forefront of the crypto industry in Singapore, providing a robust platform for traders to buy and sell Ethereum and other popular cryptocurrencies. The survey, which evaluated the top crypto brokers in Singapore based on customer service, platform usability, and trading options, found that OANDA provided the best overall trading experience. This is a testament to the hard work and dedication of the OANDA team, who continuously strive to improve the platform and add new features to meet the evolving needs of its clients.
The platform offers a user-friendly interface, advanced tools, and 24/7 customer support to help traders make informed decisions. OANDA also offers a variety of educational resources to help new traders learn more about the crypto industry and develop their trading strategy.
Overall, OANDA’s commitment to providing a top-notch trading experience has made it the go-to choice for crypto traders in Singapore. The platform’s Ethereum trade offering has opened up the crypto market to traders and allowed them to access the second-largest cryptocurrency by market capitalization. With its user-friendly interface, advanced tools, and 24/7 customer support, OANDA is the perfect choice for anyone looking to get involved in the crypto industry.
• Bitcoin investor appetite has resumed, according to multiple indicators.
• Open Interest and the MVRV ratio is on the rise, while the leveraged positions are being liquidated.
• There is still a risk of a potential downside due to the Digital Currency Group and Genesis solvency issue.
The past several weeks have seen a resurgence of investor appetite for Bitcoin (BTC). Numerous indicators have suggested that the cryptocurrency is on its way to another bull run, with open interest, the MVRV ratio, and leveraged positions all pointing in the right direction. However, there is still a risk of a potential downside due to the Digital Currency Group and Genesis solvency.
CryptoQuant’s analysis of the Bitcoin market on 19 January showed that holders of BTC were shifting their coins from the spot to the derivatives market. As this allowed them to tap into leverage, the open interest in the derivatives market has been steadily increasing since the start of the year. While the estimated leverage ratio dropped off in the first half of January, it was starting to rally at press time.
The CryptoQuant analysis also revealed that Bitcoin’s MVRV ratio was attempting to recover above 1. This is a key indicator of the start of an uptrend. This was backed up by the Puell multiple, which has also been steadily increasing in favor of a positive trend.
Despite the positive market signals, there is still a risk of a potential downside. This is due to the issue of Digital Currency Group (DCG) and Genesis solvency, which has been caused by GBTC mismanagement. If there is a large liquidation event as a result of this, it could cause another major selloff and erode BTC’s latest gains. This might be why the Purpose Bitcoin ETF holdings have been offloading its BTC. Additionally, the number of addresses holding more than 1,000 BTC has only increased slightly since the start of January 2021.
Overall, while investor appetite for Bitcoin is starting to pick up again, there is still a risk of a potential downside. Investors should take caution and do their own research before making any decisions.
• Avalanche [AVAX] witnessed a 20% surge in price in the last 10 days.
• Bulls could possibly target the $14.0 supply zone if BTC is bolstered by the US Consumer Price Index (CPI) announcement.
• The Relative Strength Index (RSI) on the daily chart was at 57, showing buying pressure has increased steadily in the past 10 days.
Over the past 10 days, Avalanche [AVAX] has seen a tremendous surge in price, shooting up from $10.85 to $12.97 and currently trading at $12.53. This 20% rise has been fuelled by the increased demand in the derivatives market, which has kept the bulls in full confidence. Moreover, with the US Consumer Price Index (CPI) announcement set for January 12, the Bitcoin market could be bolstered, which could further fuel the AVAX rally.
On the daily chart, the Relative Strength Index (RSI) is currently at 57, indicating a considerable level above the 50-midpoint. This shows that buying pressure has increased steadily over the last 10 days, giving the bulls the upper hand. This could help the AVAX bulls to push the price above the $12.97 level, and if successful, the $14.0 supply zone would be the next target. However, if the bulls do manage to reach the supply zone, they will be met with intense opposition from the sellers. Therefore, investors with diamond hands could wait and sell off at this zone to maximize their profits.
On the other hand, if the BTC fails to break above the $17.50K mark, then the AVAX bulls could find it difficult to push the price above the supply zone. Therefore, it is essential to keep an eye on the BTC market, as it could be the deciding factor in the AVAX price rally.
• Indonesia plans to launch a crypto exchange in 2023.
• The country is shifting the regulatory oversight over crypto to the Financial Services Authority.
• The shift in regulatory authorities will affect the 383 crypto assets and 10 local coins currently available in Indonesia.
As the world continues to evolve, so does the financial sector, and Indonesia is no exception. In 2023, the country is set to launch its own crypto exchange, marking a major shift in the country’s crypto industry.
The shift in regulatory oversight of crypto to the Financial Services Authority (FSA) signals a move away from the current Commodity Futures Trading Regulatory Agency (Bappebti), which has been in charge of crypto assets for several years. Didid Noordiatmoko, the acting head of Bappebti, stated that the FSA will assume regulatory power over crypto assets from the commodities agency over the next two years.
In addition to the launch of the exchange, the FSA will also be responsible for the 383 crypto assets and 10 local coins which are currently available in Indonesia. Bappebti is currently reviewing another 151 assets and 10 local coins. The country has 16 million crypto investors, with more rushing in despite an industry-wide downturn.
The shift in regulatory authorities is expected to have a positive impact on the crypto industry in Indonesia. An official from Indonesia’s Ministry of Finance stated that the shift of regulatory power from commodities to securities agency was warranted due to the status of crypto assets as investment vehicles. He added: „In fact, crypto assets have become investment and financial instruments, so they need to be regulated on an equal basis with other financial and investment instruments.“
The launch of the crypto exchange in 2023 is set to usher in a new era of growth and development within the Indonesian crypto industry. With the new regulations in place, the country hopes to create a safe and secure environment for the trading of crypto assets. It is also hoped that the exchange will bring much needed liquidity and stability to the market, as well as provide investors with a greater range of options when it comes to investing in crypto.
• Bitcoin [BTC]’s Coin Days Destroyed (CDD) metric could indicate volatility rather than a sell signal.
• The $15,000 price mark could be the price bottom for the leading coin, Bitcoin, as it might log a regular bullish divergence marked by a period of low trading volume and an oversold Relative Strength Index (RSI).
• CryptoQuant analysts believe that the current SOPR MA30 value of 0.54 could act as a bear market bottom indicator.
Bitcoin [BTC] continues to be the leading crypto asset in the world and is widely considered as the industry’s benchmark. As such, traders and investors in the crypto space always keep an eye on its movements. Recently, CryptoQuant analysts have pointed out that the $15,000 price mark could be a good price bottom for BTC.
The Coin Days Destroyed (CDD) metric is often used by traders to assess the movements of long-held coins on the BTC network. This metric is also interpreted as a sell signal. However, Nakju, a CryptoQuant analyst, believes that the CDD metric could also represent volatility rather than just be used to assess the proper time to sell. Nakju believes that a further decline to the $15,000 price range could mark the price bottom for the leading coin. He believes that the price range could be a good example of when BTC would typically log a regular bullish divergence marked by a period of low trading volume and an oversold Relative Strength Index (RSI). The analyst believes that trend reversals „of any asset occurs when the volume of transactions is small“.
On the other hand, another CryptoQuant analyst, Onchain Edge, has found that the current value of the king coin’s SOPR MA30 was 0.54. This was while assessing BTC’s Spent Output Profit Ratio (SOPR) on a 30-day moving average. According to Onchain Edge, the current SOPR level acted as a bear market bottom indicator in previous bear cycles in 2012, 2014, and 2018. Furthermore, Onchain Edge recommended using dollar cost averaging (DCA) and setting trailing stop losses to potentially maximize gains.
In conclusion, the $15,000 price mark could be a good price bottom for BTC. CryptoQuant analysts believe that the current SOPR MA30 value of 0.54 could act as a bear market bottom indicator. Furthermore, considering the CDD metric indicates volatility rather than a sell signal, the price range could be a good example of when BTC would typically log a regular bullish divergence marked by a period of low trading volume and an oversold Relative Strength Index (RSI). Therefore, investors should use this opportunity to potentially maximize gains.
• Polygon [MATIC] had an impressive TVL of close to $1 billion.
• Despite the potential of its collaborations with well-known companies, its native token MATIC did not benefit.
• MATIC had increased by 3% in the past 48 hours, but had lost over 70% of its worth since the beginning of 2022.
Polygon has been making waves in the DeFi space in recent months, with its Total Value Locked (TVL) standing close to $1 billion. This is a remarkable feat for a relatively new platform, and puts it ahead of its closest rivals, Avalanche [AVAX] and Solana [SOL]. Although the TVL has been on a downward trend in recent months, it is still higher than that of its rivals.
In addition to its impressive TVL, Polygon has also been collaborating with several well-known companies, such as Meta, Reddit, and Starbucks. This is a significant development, as it shows that Polygon is being taken seriously by the broader industry. However, despite this, its native token, MATIC, has not enjoyed the same level of success.
At the time of writing, MATIC had increased by about 3% over the previous 48 hours. However, this is a small gain when compared to the losses it has incurred since the beginning of the year. According to the price range tool, over 70% of MATIC’s worth has been lost since January.
Despite the lack of success for MATIC, Polygon is still well-positioned for the future. It has a strong TVL and the potential of further collaboration with other well-known companies. It also has a vibrant community, with the MATIC token being one of the most popular in the DeFi space. For these reasons, Polygon is expected to have an intriguing 2022, with potential for further growth and development.