March CPI Announcement Looms, Bitcoin Hits 30K, and Crypto Volatility Increases

March CPI Announcement Looms, Bitcoin Hits 30K, and Crypto Volatility Increases

by | Apr 11, 2023 | Crypto Blog

 

It feels like yesterday when the February CPI announcement was made in March, but a month has passed, and the announcement of the March CPI index is just a day away. The US consumer price index (CPI) announcement will be on April 12, 2023.

Perhaps because of this, Bitcoin finally touched 30K this morning! However, there was no particularly favorable news, and it seems that the increasing volatility ahead of the CPI announcement led to a concentration of long positions. In addition to the CPI announcement, the FOMC meeting minutes will also be released, so be cautious of volatility around the announcement time.

 

 

The CPI index has been gradually declining since September 2022. This time, the CPI announcement is expected to be 5.2%, and it is curious whether it will exceed or fall short of the estimate. Personally, I think it might come out slightly below at around 5.1%. Does that mean the coin will skyrocket!? That seems like a different issue.

Since March, the unnecessary steep rise of Bitcoin has increased anxiety. It would be nice if it went up slowly or there was a clear reason, but it has reached $30,000 without any apparent reason, and it worries us how far it will fall again after reaching 30,000 dollars.

 

 

The current US central bank interest rate is 5.00% after raising it by 0.25% in March 2023. It seems likely to increase by 0.25~0.5% within 2023, but it would be great if they could freeze the interest rate until the end of the year.

Looking at Bitcoin, it suddenly started to rise and eventually reached 30K as everyone expected and hoped for. We're used to fluctuations up or down the day before the CPI announcement, but it's been a long time since we've seen such a large consecutive rise, making it hard to adapt.

 

 

Fortunately, I was successful in profiting from a short position last week, and it now seems to be my turn for a long position. I opened long positions on altcoins since last Friday. The price moved sideways from the weekend to Monday, but it soared early this morning, bringing profits.

However, my GALLA coin short position for hedging was liquidated. Still, the rest of the coins' long positions rose so much that the profit rate is much higher.

Crypto news of FTX Japan preparing for a reopening has been circulating, and Solana alone recorded over 200% profit. I sold all of my Solana right away in the morning and took profit. Aptos and Phantom Coin also reached a profit rate of over 100% around 3 PM, and I immediately took profit on all of them. Since tomorrow is the CPI announcement, it would be safer to realize profits right away if you've made a profit. It would be unfair to lose it all again after being greedy!

 

 

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Thai Opposition Party Candidate Promises Cryptocurrency Airdrop to Boost Economy

Thai Opposition Party Candidate Promises Cryptocurrency Airdrop to Boost Economy

by | Apr 7, 2023 | Crypto Blog

 

Thai Opposition Party Candidate Pledges $300 Crypto Airdrop to Boost Economy

Srettha Thavisin, a candidate for Thailand's main opposition party, Pheu Thai, has promised to give every Thai citizen a bonus of 10,000 baht (approximately $300) in cryptocurrency, as reported by CoinDesk. This pledge is a part of Thavisin's proposed economic stimulus measures, which are based on the concept of universal basic income and digital currency.

Local media outlet Bangkok Post stated that Thavisin's policy aims to offer some economic relief to Thai citizens burdened with high household debt. In an interview with Bloomberg, Thavisin criticized the current government's approach, arguing that providing small amounts of money does not stimulate economic growth. Instead, he believes that his proposed policy can help improve Thailand's economic situation, which has suffered due to stagnant income levels and increasing living costs.

At the time of writing, it remains unclear which digital currency or token will be used for the airdrop, as a spokesperson for the Pheu Thai Party has not yet responded to CoinDesk's request for an interview.

On April 7, 2023, Bitcoin mining difficulty reached an all-time high of 47.89 T, marking a 2.23% increase. However, it is unlikely that Bitcoin would be used for the airdrop due to its scarcity and high value. The chosen cryptocurrency must strike a balance between being valuable enough to benefit recipients and being feasible for widespread distribution. It will be interesting to see how this proposed policy unfolds and impacts Thailand's economy.

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Singapore Authorities Collaborate with Local Banks to Establish Unified Crypto Standards

Singapore Authorities Collaborate with Local Banks to Establish Unified Crypto Standards

by | Apr 6, 2023 | Crypto Blog

 

Singapore's central bank, the Monetary Authority of Singapore (MAS), is reportedly working closely with local banks to develop unified standards for evaluating potential clients in the cryptocurrency and digital assets sector. This initiative aims to streamline the account-opening process for digital asset service providers and facilitate better cooperation between banks and the crypto industry.

The project, which has been ongoing for approximately six months, is expected to produce a report outlining best practices in due diligence and risk management within the next two months. According to insiders, the guidelines will apply to companies providing payment, trading, and transfer services for assets such as stablecoins and non-fungible tokens (NFTs).

Despite the establishment of these unified standards, individual banks will still be able to decide whether or not to accept clients based on their risk appetites. Many traditional banks have been hesitant to engage with the crypto industry due to concerns surrounding price volatility and potential regulatory issues. Failures of prominent players like Terraform Labs and FTX have exacerbated these concerns.

The closures of Silvergate Bank and Signature Bank, both of which were known for their crypto-friendly policies, have put further pressure on crypto companies to seek new banking partnerships. The MAS has emphasized that there are no regulations prohibiting Singapore banks from working with crypto or other digital asset companies.

Ultimately, banks will have to find a balance between commercial considerations and business risk tolerance when deciding whether to initiate or maintain relationships with specific crypto-related firms. Singapore authorities have already introduced a licensing system to regulate the crypto industry, and stricter regulations for individual investors' crypto transactions are being considered following market disruptions caused by companies such as Terraform Labs and Three Arrows Capital (3AC).

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Nasdaq-listed MSTR adds 1,045 BTC to its holdings at an average price of $28,016

Nasdaq-listed MSTR adds 1,045 BTC to its holdings at an average price of $28,016

by | Apr 5, 2023 | Crypto Blog

Nasdaq-listed company MicroStrategy (MSTR), which holds a large amount of BTC, announced on its official website that it has purchased an additional 1,045 BTC at an average price of $28,016 from March 24th to April 4th. This is worth approximately $29.3 million and brings MSTR's total BTC holdings to 140,000, valued at around $4.17 billion at an average price of $29,803.

While it may not be wise for individual investors to blindly follow the actions of large corporations like MSTR, this news may suggest a brighter future for Bitcoin investors. Personally, the news makes me briefly consider buying BTC in increments of thousands.

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Binance’s Market Share Drops Amidst CFTC Lawsuit and Commission Changes

Binance’s Market Share Drops Amidst CFTC Lawsuit and Commission Changes

by | Apr 4, 2023 | Crypto Blog

According to a recent report by blockchain data analytics firm Kaiko, Binance's market share has experienced a significant decline in the past two weeks, dropping by approximately 16 percentage points to 54%. This decline is believed to be a result of Binance's recent lawsuit by the US Commodity Futures Trading Commission (CFTC) and the termination of its free commission promotion for BTC trading.

Coinbase, on the other hand, also experienced a decrease in market share in the US during the first quarter, falling from 60% to 49%. Meanwhile, Binance US saw an increase in market share from 8% to 24%.

The CEO of Binance, Changpeng Zhao, faced criticism in 2022 for his tweets regarding FTX and SBF. This incident has further impacted Binance's reputation in the United States. While FTX and SBF may have made mistakes, it is unfortunate that innocent users such as myself may end up wasting money without being able to withdraw coins in such situations.

As the cryptocurrency market continues to evolve, it is crucial for it to become a safe and clean market for all participants. We hope that measures will be taken to ensure the security of users' funds and prevent market manipulation.

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