Monat: März 2023

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Kraken confirms plans to launch its own bank

  • Kraken says the crypto bank is on track for launch.
  • The crypto exchange will initially offer the Kraken Bank services to customers in the US.
  • The launch of a new crypto-friendly bank comes at a time the crypto bank Silvergate continues to falter after the collapse of FTX.

Kraken will soon be launching its own bank, the cryptocurrency exchange has confirmed.

A tweet from the official Kraken Support account noted the Kraken Bank was on track and will initially be available to the crypto platform’s customers in the US.

Crypto publication The Block also highlighted the news on Monday morning, citing details from Marco Santori, the chief legal officer at Kraken.

Kraken to launch crypto bank

Kraken says plans for its Wyoming-based crypto bank is an initiative that followed it being granted the Special Purpose Depository Institution, or SDPI approval. The exchange was thus the first crypto company to receive a US state banking charter.

The exchange’s plans for a bank comes as the crypto sector navigates the latest episode of a crypto-related downturn as crypto-friendly bank Silvergate wades through a difficult time. The US-based crypto bank has continued to witness financial gloom since the collapse of crypto exchange FTX.

Kraken itself has also been under increased regulatory pressure, recently agreeing a multi-million dollar settlement with the US Securities and Exchange Commission (SEC) over the exchange’s staking services.

The SEC has also increased its regulatory actions against crypto companies, with stablecoin issuer Paxos one of those facing the agency’s charges. Crypto lender Nexo also recently agreed to a settlement with the SEC a few weeks after announcing a phased out exit from the US market.

The post Kraken confirms plans to launch its own bank appeared first on CoinJournal.

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BTC price: Bitcoin sees “boring action” with only $17.8M in weekly net flow

  • Bitcoin on-chain exchange flows were $4 billion in and $4 billion out last week, Glassnode data shows.
  • Crypto analyst Michael van de Poppe highlights BTC’s “boring price action” as bulls struggle above $22,000.
  • BTC price saw downward action last week following a series of negative market related news.

The global cryptocurrency market cap remains above the $1 trillion mark, with the past 24 hours seeing roughly 0.6% in downward change. The global trading volume in the last 24 hours is around $38.9 billion.

But while Bitcoin (BTC) dominance hovers at 40.4%, the price action has weirdly remained more like a stablecoin. As noted on Sunday, Bitcoin managed to bounce off the $22,000 low reached as markets reacted to news related to Silvergate and Tether (USDT).

Bitcoin price continues to hover above $22k

Weekly on-chain exchange flow, a metric that shows the difference in BTC volume flows onto and off exchanges, points to the aforementioned flat action for Bitcoin price. The net flow aligns with the largely doji candlesticks the leading crypto by market cap has witnessed since last week.

Popular crypto analyst and trader Michael van de Poppe has highlighted the “boring price action” for Bitcoin since last week’s sharp retreat.

According to the analyst, BTC is still poised for a fresh bounce higher as bulls hold above key support. He also points to equities and notes a bounce for indices is likely to cascade into the crypto market. However, if a new “sweep of the lows” to $21,500 fails to hold, it could spell further losses for BTC.

BTC sees $17.8 million in weekly net flows

As for the net flow, data from on-chain analytics platform Glassnode shows about $17.8 million in net flows, with $4 billion in inflows and roughly $4 billion in off-exchange flows last week.

The net flow for Ethereum, the second largest cryptocurrency by market cap and with over 17% of market dominance, was about $423.8 million. The leading altcoin’s exchange flows was $2 billion in on-chain inflows and $2.4 billion in outflows this past week.

On the other hand, the leading stablecoin Tether (USDT) saw weekly net flows of about 160 million, with total $6 billion flowing into exchanges and $6.2 billion withdrawn.

The post BTC price: Bitcoin sees “boring action” with only $17.8M in weekly net flow appeared first on CoinJournal.

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Ethereum price forms bearish flag ahead of a pivotal week

  • Ethereum price has formed a bearish flag pattern on the four-hour chart.

  • The next key catalysts will be the Fed statement, NFP data, and consumer inflation numbers.

  • ETH could crash to the next support level at $1,500.

Ethereum price remained in a consolidation phase in the past few days as investors brace for its defining moment. ETH was trading at $1,566, where it has been in the past few days. This price is significantly lower than the year-to-date high of $1,747. 

Key market events

The next two weeks will be important for the future of cryptocurrencies and other financial assets like stocks and bonds. That’s because of the key events that will happen from a macro perspective. On Tuesday, Jerome Powell, the Federal Reserve chair will testify before congress, where he is expected to make a case for more rate hikes in a bid to calm the elevated inflation.

The other important data will come out on Friday, when the US will publish the latest non-farm payrolls (NFP) data. Economists expect the data to show that economy added more than 200k jobs in February. This report will be an important one considering that the previous on caught many investors by surprise as the economy added over 500k jobs.

Therefore, a strong jobs report means that the Fed has room for more interest rate hikes. It will signal that employers are still adding jobs, which is doing good thing for the economy. 

The other catalyst for Ethereum prices will be next week’s consumer price index (CPI) data scheduled for next week. Economists expect the data to show that consumer prices remained at an elevated level, even as they pulled back below 6%.

Take together, these numbers will signal what the Fed needs to do going forward. Signs of more tightening will mean that the recent ETH price rally has faded and that it could move to retest its lowest points in 2022. 

ETH price will also react to the upcoming Shanghai upgrade and the ongoing collapse of Silvergate Capital. Silvergate is a company that provides banking solutions for mostly crypto companies like FTX.

Ethereum price prediction

The 4H chart is not looking good for ETH prices. For one, the coin has formed a bearish flag pattern, which is usually a bearish sign. It has collapsed below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved sideways. Before that, Ethereum has found a strong resistance level at about $1,700.

Therefore, my view is that Ethereum will likely continue falling as sellers target the key support at $1,500 followed by $1,436. 

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