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  • What Happened To Ethereum Price In 2021?

    What Happened To Ethereum Price In 2021?

    Ethereum price isn’t even trading at half the all-time highs it once was, and it has investors, traders, and analysts alike talking about a bear market in crypto. However, with such a severe selloff, it could be enough to stave off a longer bear phase, and a rebound from current levels could send Ethereum to new highs from here.

    Only time will tell how it all turns out, but for now, we’re looking back at what happened to Ethereum price in 2021, and also looking ahead at what Ethereum trading strategies to rely on in case the market does turn fully bearish instead.

    The First Half Of 2021 Reviewed

    Ethereum started off the year in 2021 at under $1,000 and at the peak traded for more than $4,000 per ETH. Things turned that bullish, that fast for the top altcoin by market cap. Bitcoin was also bullish and dragging up the entire crypto market, but what really sent Ethereum into overdrive was the sudden explosion in NFTs, DeFi, and other technologies tied to smart contracts

    Ethereum was introduced to do a lot more than Bitcoin can do, and that shows today with how much is built on the foundational blockchain layer. That scale in the amount of tokens and projects running on Ethereum also slowed down the network and sent gas fees soaring, but it also made ETH the hottest currency around that everyone needed to spend to transact in crypto.

    If a user wanted to mint an NFT, they had to spend ETH in gas fees. Most DeFi applications also heavily require ETH, and most popular stablecoins also run on Ethereum. There was a rush to create cross-chain solutions, but there is no beating Ethereum’s reach.

    Hype around ETH 2.0 and staking also drove up prices. ETH residing on exchanges reached a critical low. At the high, Ethereum traded around $4,400. But in a flash the crypto market crashed, and Ethereum collapsed by 50%.

    At the current low, the second ranked cryptocurrency dropped to as low as $1700 or around the 61.8% Fibonacci retracement level – an ideal zone to watch for a possible reversal.

    What the Second Half Has In Store For Ethereum

    The more than 60% crash very closely resembles the drawdown and final shakeout before the last time Ethereum ran to a new all-time high back in late 2017 into 2018. Ethereum more than tripled in value from the previous peak. A similar run higher post sell off would put each Ethereum at over $10,000 per token.

    At some point, however, no matter how bullish crypto is long term, because the assets are speculative, price discovery is volatile and another bear market will ultimately result. If and when that happens, the worst thing anyone can do is HODL.

    Investing is a mistake, and even buying the dip or going long can lead to a string of losses. When the bear market troughs come back, the right strategy is short trading Ethereum through CFDs. CFDs mean you don’t have to hold the underlying asset and can still short it, making profits from a crash instead of losing capital. CFDs are offered at margin trading platforms such as PrimeXBT, for example, which lets users long and short crypto, forex, commodities, and stock indices all under one roof.

    Knowing exactly when things turn bearish is much more difficult to tell. Watching for a high timeframe bearish crossover of the MACD is one way to tell as technicals recently revealed. On higher time frames, such as the two week or monthly, losing the middle-Bollinger Band – a simple moving average – can also be a signal to go short and a bear market is here.

    Ethereum still hasn’t lost the key level, and a future upgrade that improves scarcity could turn things back bullish sooner than later. Ethereum still hasn’t revisited the former all-time highs against Bitcoin on the ETH/BTC trading pair, which could suggest future outperformance over Bitcoin.

    Ethereum has actually outperformed Bitcoin in terms of raw ROI since its inception, however, because Bitcoin has been around a lot longer it has more ROI overall to show for it. If Ethereum can keep pace, it could someday even surpass Bitcoin’s market cap. The rest of 2021 and what happens from current levels will determine if that bullish outcome is possible, or if a bear market for altcoins is ahead.

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  • Crypto-Linked Spending on Cards Tops $1 Billion

    Crypto-Linked Spending on Cards Tops $1 Billion

    Crypto-linked spending on Visa cards topped $1 billion despite continued doubts about cryptocurrencies as a means of payment.

    Credit card giant Visa achieved the feat in just the first half of 2021, according to a statement, underlining more steps to make crypto transactions smoother.

    The firm said it was seeking to partner with 50 crypto platforms to improve ease of conversion and spending in digital currencies across 70 million merchants worldwide.

    Despite continued regulatory pressures, crypto adoption continues to rise across the financial sector with global banks like Goldman Sachs, Morgan Stanley, Standard Chartered and DBS launching various related offerings.

  • China Warns Against Stablecoins

    China Warns Against Stablecoins

    Beijing continues to express negative sentiments about cryptocurrencies, in the midst of a nationwide crackdown, this time with the central bank calling out stablecoins as a source of instability.

    Fan Yifei, deputy governor of the People Bank of China, said stablecoins – a cryptocurrency usually pegged to a reserve asset like the U.S. dollar or gold – posed serious risks to the global financial system.

    Speculation of stable coins have threatened financial security and social stability while also being used as a payment for illegal activities and money laundering, Fan said at a press briefing yesterday.

    He added that the government had already taken some action to limit stablecoin growth in the country.

    In contrast, Fan underlined that the digital yuan did not have the same problems as stablecoins.

    He also highlighted that those interested can apply to join a «white list» at state-owned banks that distribute the digital currency with 10 million such users on the list.

    We have the confidence to continue increasing the scope of the trials,» said Fan, naming the Beijing Winter Olympics in 2022 as the location for the next key trial.

    While the promise of stablecoins is to act as a replication of fiat currencies, it is currently being largely used as a medium to park money on crypto exchanges for relative ease compared to cash.

    Alongside the broader crypto market, stablecoins have experience tremendous growth with the two largest coins – Tether and USDC – boasting a total market capitalization of over $100 billion, as of the end of May.

  • Thailand Reins in Speculation in Digital Assets

    Thailand Reins in Speculation in Digital Assets

    The country’s finance regulator is banning licensed digital asset exchanges from trading meme coins, fan-based tokens, NFTs, and social coins as part of its ongoing regulatory action against crypto trading.

    The Thai Securities and Exchange Commission (SEC) is prohibiting exchanges in the country from providing services related to utility tokens or cryptocurrencies to ensure customer protection and ward off attempts by anyone using digital assets to operate a grey business, the regulator announced on Friday.

    As a result, meme coins like Doge, which has attracted the interest of investors in the past year as its price surged by as much as 10,000 percent this year, will no longer be allowed to be traded in Thailand. The SEC said such coins have «No clear objective or substance or underlying, and whose price runs on social media trends.

    According to «The Bangkok Post,» the move came amid reports that publicly listed mobile phone retailer Jay Mart was making plans to launch the country’s first non-fungible tokens (NFTs) linked to nine local stars and celebrities. However, Jay Mart said it would go ahead with the launch this week as planned, though the NFTs will be listed on foreign exchanges.

    NFTs have garnered increasing popularity in recent months, particularly as a way to sell and invest in digital artworks as verification of authenticity and ownership are stored on the blockchain

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  • Crypto Exchange Searches Blocked in China

    Crypto Exchange Searches Blocked in China

    Chinese users were reportedly unable to find results for popular cryptocurrency exchanges on major search engines in the country.

    Keyword searches for trading platforms such as Binance, OKEx and Huobi yielded no results, according to various media outlets.

    The searches were conducted on major search engines like Baidu, Sogou, Zhihu, and Weibo.

    This marks yet another sign of further tightening on cryptocurrencies, especially with regards to online content.

    Earlier this month, multiple popular Weibo accounts featuring related content were reportedly suspended or shut down over violation of the social media platform’s rules.

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  • Chinese E-Brokerages Unveil Crypto Trading Plans

    Chinese E-Brokerages Unveil Crypto Trading Plans

    Two Chinese online brokerages backed by major tech titans shared plans about expanding into crypto trading in the midst of a domestic crackdown.

    Tencent-backed Futu and Xiaomi-backed Tiger Brokers both unveiled crypto trading plans in their latest quarterly earnings call.

    Tiger Brokers said it was in the process of applying for relevant licenses for crypto trading without naming any markets.

    Futu senior vice president Robin Li Xu said the firm was applying for crypto-related licenses in the U.S., Singapore and Hong Kong.

    Since China’s most recent announcement to crack down on crypto, related firms are increasingly shifting operations abroad including miners who are seeking alternatives such as North America.

    According to Futu and Tiger Brokers, their crypto offering will only target customers not based in mainland China.

  • Elon Musk’s tweets send Vietnamese crypto investors into spiral of anxiety

    Elon Musk’s tweets send Vietnamese crypto investors into spiral of anxiety

    Elon Musk’s recent tweets have partly contributed to sending Bitcoin and other cryptocurrencies tumbling, and Vietnamese investors into losses and diminishing their hope in the future of digital currencies.

    Thien Tuan from the northern town of Mong Cai has seen his VND30 million ($1,300) investment in several cryptocurrencies depreciate by nearly 40 percent in the last few days.

    The 28-year-old had entered the crypto market in early April with no prior investment experience. Half of his savings is now in XRP, which has fallen 36 percent since mid-April, and Dogecoin, which has lost half its value in two weeks.

    He says: “Some of my friends have advised me to exit the market and look for other reliable assets like gold. I’m worried my losses will rise to 80-90 percent in the coming weeks.”

    On several Facebook groups of which he is a member, hundreds of people are expressing similar concerns about Bitcoin, Dogecoin and other cryptocurrencies after their prices plunged due to the remarks made by Musk and other reasons.

    In March Mush had announced that customers could buy Tesla cars using bitcoin, but on May 13 he said in a tweet the company had suspended the plan. Bitcoin lost 12 percent almost immediately.

    In another Twitter comment on May 17 Musk seemed to imply Tesla could sell its Bitcoin holdings, which sent the cryptocurrency down another 8 percent.

    The world’s most popular coin has lost 47 percent from its peak in mid-April, while other cryptocurrencies too are down by double digits.

    Other factors that contributed to the falls are China further cracking down on digital currencies and Binance Holdings, the largest cryptocurrency exchange, being investigated by U.S. authorities for money laundering and tax offenses.

    Tran Cuong, 22, of Hanoi invested $700 in Bitcoin and Dogecoin, and says “I have lost nearly $500 due to Elon Musk’s tweets.”

    The sharp falls have raised concerns among coin miners in Vietnam.

    Viet Hung of the southern province of Dong Nai only started mining a month ago and was expecting to recoup his investment by the end of the year.

    “Now that the market has plunged, I don’t know whether to continue mining or sell the equipment and cut my losses,” he says.

    Minh Huy, a seller of mining rigs in HCMC, says many prospective buyers have suspended purchase plans to watch how the market moves before making a final decision.

    Some of these deals are potentially worth billions of dong (VND1 billion = $43,500).

    “The plunging market not only hurts investors but also hardware suppliers,” Huy says.

    Hoang Bao of Hanoi, who has years of experience in coin mining, says he has yet to see people sell off equipment, but feared that if prices keep falling the market could soon turn “chaotic.”

    “The worst-case scenario is that rigs will be left to gather dust like last time, but this time it will be on a much bigger scale,” he says, referring to the 2018 Bitcoin selloff.

    Bitcoin and other cryptocurrencies are not recognized as a legitimate means of payment in Vietnam. The State Bank of Vietnam has warned that owning, trading and using cryptocurrencies are risky and not protected by law.

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  • Hong Kong to Bar Retail Access to Cryptocurrencies

    Hong Kong to Bar Retail Access to Cryptocurrencies

    The Hong Kong government is seeking to restrict cryptocurrency access to wealthier investors amid an ongoing global crackdown by regulators.

    Cryptocurrency exchanges operating in Hong Kong will have to licensed by the Securities and Futures Commission (SFC) and limit access to professional investors – defined as individuals with a portfolio of HK$8 million ($1.03 million) – according to government proposals published on Friday.

    Hong Kong’s Financial Servies and Treasury Bureau (FSTB) said it had been consulting the market on the changes since last year and intends to advance its proposals into law in the upcoming 2021-22 session of the city’s legislative assembly.

    The FSTB continues to advance the regulatory changes despite concerns by local players that the restriction against retail access could drive exchange abroad and investors to unregulated channels.

    According to the FSTB, confining the services of a [virtual asset] exchange to professional investors is appropriate at least for the initial stage of the licensing regime.

    Hong Kong authorities’ move to tighten on crypto coincides with similar regulatory efforts elsewhere including China’s crackdown on mining and trading as well as U.S. tax proposals to report cryptocurrency transferal of over $10,000.

  • Saxo Launches Crypto FX Trading in Singapore

    Saxo Launches Crypto FX Trading in Singapore

    Saxo Markets customers in Singapore will be able to trade in major cryptocurrencies as FX spot pairs.

    The online trading and investment platform’s new cryptocurrency offering enables customers to trade bitcoin, ethereum and litecoin against EUR, USD, and JPY from a single margin account, Saxo announced in a statement on Wednesday.

    Clients can trade and hedge both long and short exposure in the three cryptocurrencies, which will be in the form of derivatives and not the actual coins.

    Pairing cryptocurrencies with FX makes it more appealing to investors who are more active in the market as it offers a trusted and secure way to trade cryptos, Saxo said.

    Trading via ETNs for example lets more investors access this product in a way that works for their portfolio and makes the most of its volatility. It’s also fundamentally less risky than using cryptocurrency wallets where access can, and has, been lost to dramatic effect, Adam Reynolds, Asia Pacific CEO, Saxo Markets, said in the announcement.

    According to Saxo, its existing range of over 30 different cryptocurrency trackers and ETNs, which so far this year have seen trading volumes exceeding the entire turnover for the whole of 2020 –  a year in which volumes surged 130 percent.

  • DBS Launches Crypto Trust Offering

    DBS Launches Crypto Trust Offering

    DBS enlarges its cryptocurrency offering with a trust solution from its private banking arm amid growing demand for the asset class even within wealth succession plans.

    DBS Private Bank launches its cryptocurrency trust solution via wholly-owned DBS Trustee, according to a statement.

    The new trust offering is limited to cryptocurrencies currently supported by the bank’s digital asset exchange – DBS Digital Exchange (DDEX) – which includes Bitcoin, Ether, Bitcoin Cash and XRP.

    According to the bank, the solution will ensure that critical information like access instructions or wallet backups will be kept confidential when passing on wealth in succession plans due to the additional protection afforded to trusts and their exclusion from the probate process.

    Confidentiality, peace of mind and taxation often emerge as top-of-mind concerns in our conversations with clients, and we would advise them to set up trust structures rather than wills, which are subject to the probate process, said DBS Private Bank’s regional head of family office, wealth planning and insurance solutions Lee Woon Shiu.

    This is especially so considering that international regulations and protocols are still nascent in the digital asset space, which could give rise to complications or unnecessary confusion if proper measures are not in place to prevent them.

    DBS expands its crypto offering amid growing demand for the digital asset class with DDEX registering S$80 million ($59.9 million) in assets under custody and a 10-fold increase of trading volumes since launch to S$30-40 million.

    The exchange currently has 120 clients with more awaiting onboarding.

    In recent years, more clients have expressed interest or are already invested in digital assets, and we expect this trend to accelerate as cryptocurrencies turn more mainstream, said group head of DBS Private Bank Joseph Poon. Our trust structure allows clients to conveniently hold these assets, with a peace of mind that they will be safely managed and passed on to their intended beneficiaries.

  • UBS Bows to Client Demand on Crypto

    UBS Bows to Client Demand on Crypto

    The world’s largest private bank is reportedly tiptoeing into crypto for wealthy clients. UBS is the latest traditional bank to be backed into the nascent asset class.

    Zurich-based UBS is exploring several alternatives for offering digital currency investments to the wealthy private clients of its $4.31 trillion private banking arm, citing sources familiar with the Swiss bank’s plans. In doing so, UBS is acquiescing to demand from its clients, the agency reported.

    Other banks have moved more quickly into space than UBS has. In February, BNY Mellon flagged a digital custody unit for cryptocurrencies planned for later this year and then in March bought a crypto-security start-up. Morgan Stanley began offering its wealthy clients exposure to crypto via funds, and Goldman Sachs recently opened a crypto trading desk.

    The move is hugely symbolic given UBS’ stature in wealth management, as traditional banks have been reticent to outright hostile to the crypto industry. «We are monitoring the developments in the field of digital assets closely,» the bank said. It emphasized its long-held stance that it is mainly interested in the technology which underpins cryptocurrencies.

    A crop of crypto players including banks like Seba and Sygnum have popped up in Switzerland alongside traditional wealth managers. Bitcoin Suisse, an eight-year-old crypto trading start-up, withdrew its application for a banking license after Swiss regulator Finma signaled it would be denied, amid concerns it isn’t well enough equipped to combat money laundering.

  • First Digital Trust Partners Crypto Storage Firm Amid Asia Demand

    First Digital Trust Partners Crypto Storage Firm Amid Asia Demand

    The multi-asset custodian will work with Fireblocks, a blockchain-based platform for securely moving, storing, and issuing digital assets in the finance industry, to cater to the increasing demand from fintech companies seeking custodial solutions in Asia.

    Hong Kong-based First Digital Trust (FDT) will integrate Fireblocks’ digital asset infrastructure on its platform to improve institutional-grade digital asset custody and protection in Asia as investor interest and demand grows, according to a joint statement on Wednesday.

    Fireblocks will automate the depositing of assets into FDT’s custodial structure, which will allow it to provide more interoperable custody solutions by enabling fintech clients to instantly send money to various digital asset providers without needing to see a wallet address.

    FDT will also be able to provide investors access to DeFi, lending and staking, as well as more than 200 trading venues and 300 tokens, enabling them to expand their revenue streams from day one, the announcement said.

    The collaboration with Fireblocks will enable us to build a strong bridge between the East and the West for fintech visionaries in Europe and the US who are looking to tap into the Asian market, Vincent Chok, CEO of First Digital Trust, said.

    Digital asset trading activity in Asia is equivalent to the U.S. and Europe combined, and accounts for more than 90 percent of ethereum and bitcoin derivatives volumes.

    Since launching in June 2019, Fireblocks has opened offices in Hong Kong and Singapore, and has raised $46 million in funding to support its growth ambitions.

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  • HSBC Swims Against Crypto Tide

    HSBC Swims Against Crypto Tide

    The bank banned customers of its online trading platform InvestDirect from adding MicroStrategy stock to their portfolios, calling them a «virtual currency product.

    HSBC has no appetite for direct exposure to virtual currencies [VCs] and limited appetite to facilitate products or securities that derive their value from VCs,» a HSBC spokesperson said in a statement.

    Last week, a message from the bank to InvestDirect customers dated March 29 surfaced on social media, saying that it will only allow the holding, sale and outgoing transfer of MicroStrategy shares, and will ban new purchases or incoming transfers.

    MicroStrategy, a business intelligence and cloud-based software company founded in 1989 by bitcoin evangelist Michael Saylor, currently holds about $5.5 billion in bitcoin, or about 80 percent of its $6.8 billion market capitalization.

    The company adopted a policy last year to primarily hold bitcoin instead of cash, and has been purchasing the cryptocurrency with its extra cash and paying its directors in BTC.

    HSBC said the ban on MicroStrategy follows its policy on cryptocurrencies, which has been in place since 2018. Its move comes against the growing number of financial firms and companies that are embracing cryptocurrencies.

    Other companies that also have large holdings of bitcoin on their balance sheets include carmaker Tesla and payments processor Square, though it is not clear if a similar ban would apply to their shares.

    Goldman Sachs has said it would offer investments in bitcoin and other digital assets to its wealth clients, while Morgan Stanley will roll out a bitcoin offering to wealth management clients.

    Outside of the U.S., notable global banks that have also launched crypto offerings include Standard Chartered and DBS.

    MicroStrategy shares soared on Tuesday, up about 18 percent to $848.5, as the price of bitcoin reached a new high of $63,000, 7 percent higher than the day before.

    The surge in investor interest comes ahead of a hotly anticipated direct listing of CoinBase, the U.S.’ largest cryptocurrency exchange, on Nasdaq on Wednesday.

  • Singapore Minister Warns Public on Crypto Trading

    Singapore Minister Warns Public on Crypto Trading

    Investors should exercise extreme caution when trading cryptocurrencies, senior minister Tharman Shanmugaratnam said in parliament on Monday.

    Cryptocurrencies can be highly volatile, as their value is typically not related to any economic fundamentals. They are hence highly risky as investment products, and certainly not suitable for retail investors,» Shanmugaratnam, who is also the minister in charge of the Monetary Authority of Singapore (MAS).

    His comments come as cryptocurrency-related scams are on the rise in the republic, as investor interest in the space grows with soaring crypto prices.

    However, according to MAS, the size of Singapore’s cryptocurrency market remains small. The combined peak daily trading volumes of bitcoin, ethereum, and XRP was 2 percent of the average daily trading volume of securities on the Singapore Exchange (SGX) in 2020.

    Cryptocurrency derivatives traded through financial institutions likewise amounted to less than 1 percent of the derivatives trading activity on SGX. Cryptocurrencies comprise less than 0.01 percent of the assets in funds managed by MAS-regulated fund managers, Shanmugaratnam said.

    The parliamentary discussion comes as more than 100 people have filed police reports against crypto trading platform Torque, run by Singapore businessman Bernard Ong. The platform suspended more than 14,000 accounts across 120 countries in January, with investor claims are estimated at $325 million.

    Ong alleges of his employees had violated the company’s rules and that his unauthorized trading activities had led to significant losses. Some 2,000 Singaporeans are estimated to have invested in crypto on the platform, which is registered in the British Virgin Islands.

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  • Goldman Sachs Joins Crypto Wealth Wave

    Goldman Sachs Joins Crypto Wealth Wave

    Goldman Sachs is the latest to join the wave of global financial institutions seeking a share in the rapidly growing cryptocurrency market.

    Goldman Sachs plans to offer investments in bitcoin and other digital assets to its wealth clients, according to a report, starting from the second quarter.

    The planned offering could include physical bitcoin, derivatives and traditional investment vehicles.

    Earlier in March, the bank’s president and chief operating officer John Waldron had already signaled interest in launching its own crypto business.

    Client demand is rising, Waldron said, according to a report that said the bank’s crypto trading desk had reopened in the same month and began dealing bitcoin futures and non-deliverable forwards.

    We are regulated on what we can do. We continue to evaluate it and engage on it.

    A gradually increasing number of global banks are entering the crypto market, particularly with a focus on serving wealth management client demand.

    Morgan Stanley also launched its own crypto offering earlier last month via three funds.

    Outside of the U.S., DBS and Standard Chartered have also entered the crypto market, launching their offerings in December last year.

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