Welcome to the weekly update on digital asset regulation! If you are into cryptocurrencies and NFTs, this will be a great read.
Are you ready to tackle the latest news? Let’s go!
Israel Proposes Digital Asset Regulation
The Israel Securities Authority (ISA) proposed a framework to oversee digital assets, aiming to introduce this in the beginning of 2023.
Investing in digital assets is becoming increasingly popular in Israel; over 150 firms related to blockchain and crypto technology are currently operating in the country.
In late November 2022, the ISA published a document, submitted by the country’s Chief Economist Shira Greenberg, proposing a comprehensive regulatory framework that will give power to government agencies to supervise the industry. The goal is to achieve a “double value”, by decreasing the risk of investing in digital assets and giving the government the ability to regulate them. CoinDesk.
Bitcoin & Ethereum Price Update 2023
With the New Year and the FTX flash crash in the rear-view mirror, it is time to take action. One of the most popular crypto-based perpetual players is “stock”.
Bitcoin recently achieved consolidated support and resistance levels as it trades within a tight range. In the meantime, Ethereum’s price action reached multi-week highs.
“Bitcoin must hold the 50 DMA and break last week’s high; a trip to the CPI data looks possible”, said Filbfilb, the co-founder of DecenTrader.
The bull market of Ethereum is making a comeback, and solid support levels provide comfort to bulls in the face of another dip. “ETH continues to appear much more bullish than BTC, although it is also trading in a consolidation pattern. The top of the triangle is at 1400, but the big resistance zone is between 1700 and 2000 at the top. On the downside, we expect 1000-1100 to be really solid support”, commented QCP.
Mainstream Gaming Community Rejects NFTs
While NFTs are being adopted in metaverse games and mainstream gaming, they have not found acceptance in the mainstream gaming industry.
Throughout 2022, game developers like Stalker GSC Game World, Ubisoft and Worms Creator Team17 gave up on trying to integrate NFTs into their titles due to negative feedback from the gaming industry.
Leading companies such as EA and Square Enix have in the past supported the use of NFTs but are now rethinking their integration into mainstream titles due to the growing backlash against digital assets.
New Memecoin Gains 15% in 24 Hours
The internet is getting a new token, based on the Solana Blockchain, which has set some of the highest trading volumes ever seen on solana-based platforms.
The Shiba Inu-themed token BONK has increased by 150% in the last 24 hours. This memecoin which was released on Christmas Day has given back 2220% to traders over the last week.
The token was dropped to the Solana NFT communities and their creators have caused a rapid hype around the token, resulting in an increase in trading volumes. CoinDesk reported this on Tuesday.
Is the $Bonk Token Saving Solana? (Truth Revealed)
