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“Singaporeans Remain Vigilant While Dealing With Crypto,” Alerts PM Lee Hsien Loong

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The Singaporean prime minister, Lee Hsien Loong was recently subject to a scam that involuntarily had him involved. A member of the BitClout platform had reportedly used the name of the prime minister in order to pocket some easy money. The user sold fake tokens worth over $10,000. The official revealed that the scammer had made use of the information available on his Twitter account to sell tokens on BitClout. Loong went on to asset that he had nothing to do with BitClout and the entire activity was reportedly done without his permission.

While this account was soon taken down, Loong took to Facebook and asked Singaporeans to stay alert against any possible scams with regard to crypto platforms. The post addressed to his 1.6 million followers read,

“I have discovered that my Twitter profile (and others as well) has been used without my permission or knowledge on a blockchain platform that allows users to buy and speculate with its proprietary cryptocurrency. [….] I urge everyone to remain vigilant when dealing with cryptocurrency platforms.”

Singaporean

Singaporean Financial Regulator Steps In

The Monetary Authority of Singapore [MAS] decided to address this. Tharman Shanmugaratnam, the Chairman of the financial watchdog went on to reveal the risks involved in trading cryptocurrencies. Volatility has been a significant drawback of the crypto industry. Citing the same, Shanmugaratnam suggested that the value of crypto is not related to any economic fundamentals, which further makes them highly risky investment products. This would further not be very feasible for retail investors, he added.

Furthermore, the Chairman affirmed that MAS would make sure to alert Singaporeans about the perils of investing in the crypto industry, to avoid any possible losses. He added,

“The crypto assets space is constantly evolving. MAS has been closely monitoring developments and will continue to adapt its rules as needed to ensure that regulation remains effective and commensurate with the risks posed. Investors, on their part, should exercise extreme caution when trading cryptocurrencies.”

XRP Community Rejoices As The Altcoin Finally Makes It Past $1

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The entire SEC vs Ripple case caused a lot of commotion in the crypto industry. This lawsuit even pushed the price of XRP into a new low. Nevertheless, the altcoin revealed that it was finally on the road to recovery.

During the peak of the recent crypto rally, XRP witnessed a steep fall in terms of both prices as well as market cap. However, the asset, during the time of writing was not only trying to bag gains that it lost during the last couple of months, it went on to secure a three-year high of $1.10. XRP was trading for $1.05, at press time with a whopping 45.36% surge in the last 24-hours. Over the last seven days, the asset recorded profits of over 89%. The altcoin even rose in terms of market cap and went on to rank fourth.

XRP One-Hour Price Chart On Binance

XRP

Even though XRP is quite far away from reaching its all-time high of $3, the asset’s journey from a low of $0.19 to $1.10 is impeccable. The altcoin, despite being delisted or banned from several crypto exchanges, still managed to garner profits. The short-term price chart of the altcoin was all good news.

The Awesome Oscillator indicator announced the presence of bulls with the formation of long green closing bars. The Chaikin Money Flow Index [CMF] indicator remained over zero in the bullish arena. The bulls managed to retain their place in the XRP market, even though the MACD indicator underwent a bearish crossover, earlier today. At the time of writing, the MACD line went over the signal line to form a bullish crossover.

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Strong buyers’ sentiment was noted in the short-term price chart of XRP. The Relative Strength Index [RSI] indicator affirmed that the altcoin was being overbought as the RSI marker was at a high of 80 median. The Money Flow Index indicator was seen exhibiting a buyers’ notion.

Ethereum [ETH] Bulls Defend $2k Despite Sliding From Overbought Conditions

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Ethereum [ETH] has managed to hold its fort above the highly coveted region of $2k after establishing an ATH last week. The world’s largest altcoin has moved to an increasingly volatile zone as it raked in gains of over 17% over the week.

The crypto-asset started the month off on an extremely bullish tone despite hitting a short-term pullback as the surge provided an opportunity for the short-term traders.

At the time of writing, Ethereum [ETH] was trading at $2,083 as it held a market cap of $240 billion. The crypto-asset noted a minor rise of 0.46% over the last 24-hours while registering a trading volume of $26.14 billion.

Ethereum [ETH] Daily Price Chart:

ETH

Ethereum [ETH] has maintained a strong uptrend since the mid-March pullback. The rising volatility could, in fact, push the price of the digital asset even higher.

The 50 DMA [Pink] did outpace the ETH candles briefly before the bulls successfully defended and pushed the price higher. At the time of writing, both the moving averages hovered well below the candlestick arrangement depicting a bullish phase. T

The gauge between the upsloping 100 DMA [Blue] and the 50 DMA, however, appeared to be converging which could signal a potential bearish crossover in the near term if the selling pressure intensifies. This could further trigger ETH’s price test support levels.

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The Chaikin Money Flow [CMF] was struggling to hold above the zero-line depicting a decline in the flow of capital into the ETH market.

The Klinger Oscillator, however, continued to favor the bulls as buying demand surged.

Having said that, the RSI was turned down from the overbought zone and was currently floating above 63. This was indicative that the sentiment of buying pressure was intact even as Ethereum’s price faltered in the short-term.

If the buyers manage to drive ETH higher, the nearest resistance that the crypto-asset could target was the recently breached $2,140 while support levels for the coin stood untested at $1,782, $1,582 and $1,418 respectively.

Binance Coin [BNB] Will Soon Zoom Past $100

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The overall crypto market cap had hit a high of $1.36 trillion and Bitcoin [BTC], Binance Coin [BNB], Polkadot [DOT], Cardano [ADA] along with an array of currencies were seen aiding this journey. Thanks to Elon Musk, the price of Bitcoin almost hit a high of $48K. While the king coin is retraced to $46,534, at press time, all the other assets were seen on an uptrend. Ethereum [ETH], however, was seen failing at its attempts to hit $2K. ADA as well as DOT had flipped XRP in terms of market cap. For the first time in a long time, XRP was seen at the sixth position with a market cap of $20.89 billion.

Binance Coin [BNB] had climbed up the crypto ladder and found a spot as the seventh largest cryptocurrency. The market cap of the altcoin was at $14.55 billion. BNB was trading for a high of $94.77, during press time. Binance’s native asset had surged up to a high of $96.44. While the crypto community laid out speculations of the asset hitting $100, the BNB market seemed to be following the same trail.

Binance Coin [BNB] One-Hour Price Chart

Binance Coin

The short-term price chart of BNB had bulls grazing in its market. The volume in the market was quite high. The Parabolic SAR indicator had formed dotted lines below the candlesticks which demented the chances of the altcoin enduring any immediate crashes. The MACD indicator prolonged the bullish crossover it had undergone yesterday. The disparity between the MACD line and signal line limited the chances of a bearish crossover. The Money Flow Index [MFI] indicator revealed that the asset was in the overbought zone.

Binance Coin [BNB] One-Day Price Chart

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The one-day price chart of BNB suggested that the asset was in for a major change in its price. The Bollinger Bands indicator was wide apart which indicated a potential surge in the volatility. The Chaikin Money Flow indicator was above zero which pointed out a bullish momentum in the BNB market. A buyers’ sentiment was intact, the Relative Strength Index [RSI] affirmed.

Ethereum Whale Sent ~$1.3B To DeFi Lending Protocol Compound

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The number of Ethereum whales [i.e., large entities who held massive amounts of ETH tokens] has been pretty consistent since the crash in February last week. However, in the latest development, an unknown whale just transferred more than 629,000 ETH.

According to Whale Alert’s tweet on the same, the recipient wallet to which almost $1.3 billion was sent was the smart contract for the decentralized finance [DeFi] protocol Compound contract.

The sender remained anonymous. According to the data available, the whale paid a gas fee of 0.0205 ETH, that is more than $43. However, the movement of a large sum of money coincided with the price of the second-largest crypto-asset hitting an all-time high on the 2nd of April.

Upon further inspection, it was found that the same Compound contract received around 300 ETH from another unknown wallet the previous day, and 13,000 ETH $27 million a couple of days ago.

DeFi Captures Interest of Ethereum Whales

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Over the past few weeks, large ETH holders have refrained from offloading their bags. As per the latest stats, the number of wallets holding over 10K ETH has declined by less than 1% over the last four months. Meanwhile, 100-10,000 ETH addresses have taken a much more substantial plunge of 7.2% over the same time period.

In fact. The mid-tier level addresses were found to be pouring more ETH tokens into DeFi.

This was evident in the above chart compiled by DeFi Pulse, which indicated that Ethereum locked across all decentralized finance [DeFi] protocols have soared to an all-time high of $10.224 million as of the 4th of April.

It is important to note that the amount of the token locked topped 10 million for the first time ever on the 11th of March. As price took a tumble, the DeFi figure also remained dull before establishing a major top.

Additionally, it is worth noting that some of Ethereum’s circulating supply was also directed towards its Beacon Chain, which is essentially a Proof-of-Stake [PoS] blockchain. This was indicative of the onset of Ethereum’s transformation of consensus mechanism from Proof-of-Work [PoW] to Proof-of-Stake.

Roger Ver And Jesse Powell Bid Adieu To Market Manipulation Suit

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Roger Ver aka Bitcoin Jesus, the founder of the prominent cryptocurrency exchange Bitcoin.com along with Jesse Powell, the CEO of Kraken with a few others had recently filed a motion seeking the dismissal of a market manipulation suit that they were hit with back in 2018.

The CEO of Bitmain, Jihan Wu, Bitcoin Cash developers Shammah Chancellor and Jason Cox as well as Powell and Roger Ver was accused of manipulating the market just before the network-wide upgrade of Bitcoin Cash. While this complaint was filed by the United American Corp [UAC] in 2018, an amended version of the complaint was recently updated. However, this lawsuit did not stand in court as it was dismissed citing lack of evidence.

Roger Ver Tackles Lawsuit

UAC’s initial complaint did not make it following lack of personal jurisdiction as well as failure to state a claim. However, the court suggested that UAC could present an amended version for the case to prolong. While the crypto platform went on to do so as advised, UAC alleged that the accused had employed mercenary mining power to surge the hashing power of the crypto exchange, Bitcoin.com.

To this amended lawsuit, Chris McAliley, the U.S. Magistrate Judge of the Southern District of Florida decided to incline towards dismissing the complaint based on the lack of evidence provided with respect to the case. McAliley added,

“The Court considers first whether the Complaint satisfies the pleading requirements of the first element, conspiracy. It does not. As noted, the Complaint must state facts — not conclusions — that plausibly suggest a conspiracy.”

The Judge, after evaluating the circumstantial evidence provided by the plaintiffs revealed, “the court concludes that it lacks facts that create a reasonable expectation that discovery will reveal evidence of illegal agreement.”

Several members of the community were happy about this news and were seen congratulating Roger Ver as well as Jesse Powell for their latest victory.

Polkadot [DOT] Sprints Towards $50 After Hitting New ATH

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The entire crypto market was painted in green. Polkadot [DOT], Ethereum [ETH], Uniswap [UNI] along several other coins were seen in high spirits after achieving an all-time high. While all of these assets were aiming for the stars, Bitcoin [BTC] was stuck at $59K. The king coin experienced no major changes in its price over the last couple of days which caused the price of the asset to swing within $59K. The king coin’s dominance dropped down to 56.8% as the altcoins emerged.

Over the last few weeks, Cardano [ADA] exhibited a noteworthy change in its price as well as market cap. The asset even climbed up to the third position on the crypto ladder. However, the altcoin was recently overhauled by Polkadot [DOT]. At the time of writing, DOT was ranked fourth on CoinMarketCap’s list. The altcoin’s market cap was noted at a high of $42.38 billion while its price was at $45.08. The asset was seen recording a 16.66% surge over the last 24-hours while its seven-day gains were at a high of 40%.

Polkadot [DOT] One-Day Price Chart On Binance

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The one-day price chart of the altcoin announced that it wasn’t very far off from hitting a new all-time high. The Parabolic SAR indicator formed a strong line of support below the candlesticks barring sudden drops in the price of DOT. The MACD indicator formed a bullish crossover as the signal line had finally slumped below the MACD line.

The Chaikin Money Flow Index indicator was up in the bullish arena in sync with the other indicators. The altcoin recently hit an all-time high of $46 and the persistence of this bullish notion could push the coin to a high of $50.

Polkadot [DOT] One-Day Price Chart On Binance

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Strong buyers’ sentiment was noted in both the Relative Strength Index as well as the Money Flow indicator on DOT’s one-day price chart.

Ethereum [ETH] Records New All-Time High While BTC Sits Still At $59K

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The crypto markets were in high spirits as almost every coin was seen aiming for a new all-time high. Ethereum [ETH], not only made its way over $2,000 but also went on to record a new high. While the altcoins were shinning, Bitcoin [BTC] seemed to have taken a backseat. The king coin has remained intact at $59K and hasn’t exhibited significant volatility over the past couple of days.

This week proved to be highly beneficial for the altcoin as it managed to secure gains of about 24.62%, which further acted as fuel to help the coin achieve an all-time high of $2,152.45. However, at the time of writing, ETH was seen retracing as it was trading for $2,098 with a 4.56% rise in the last 24-hours.

The market cap of ETH was seen aiding the overall market’s journey towards $2 trillion. ETH remained untethered as the second-largest cryptocurrency with a market cap of $244.84 billion.

Ethereum [ETH] One-Day Price Chart On Binance

Ethereum

On ETH’s one-day price chart it was affirmed that the asset was in for an uphill journey. The Parabolic SAR indicator with dotted lines below the candlesticks announced the presence of bulls by negating the chances of a downward breakout. The MACD line prolonged its stay over the signal line further retaining its bullish crossover.

Additionally, the Relative Strength Index indicator was noted exerting strong buyers’ sentiment on ETH’s price chart.

Ethereum Bags Shark Tank’s Mark Cuban As Its Latest Supporter

Appearing in the recent episode of the Delphi Podcast revealed his stance on the top two cryptocurrencies. While comparing Bitcoin to gold, Cuban pointed out that Ethereum [ETH] was closer to being a real currency as opposed to BTC. He added,

“With Bitcoin, you could do transfers. And that was great. Right. And it was a store value and that was awesome. It’s a better alternative to gold, which is phenomenal. It’s taking money away from gold and it’s going to continue. And that’s why I own Bitcoin, but that’s one thing, that’s not really where it compares to the Internet.”

China Takes Digital Yuan To Hong Kong For A Cross-Border Pilot

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China has been spearheading the entire central bank digital currency [CBDC] game. The Covid-19 pandemic enhanced the importance of digitalization as a mere human touch had the ability to cause death. While several countries despise cryptocurrencies they still decided to go ahead with a central bank digital currency.

While the world fears that China could garner financial and technological dominance over the globe, several countries have been forced to fasten the pace in the development of their respective CBDC. Japan recently revealed that it would soon roll out Phase 1 of its CBDC pilot. Just when all the regions are prepping for the launch of this digital asset, China revealed that it had conducted its first cross-border pilot of its CBDC.

China’s Digital Yuan Moves Ahead With Full Force

As per a recent report from a local news platform, Sina Finance China has taken the digital yuan to Hong Kong to explore the cross-border aspect. The Chinese central bank, People’s Bank of China’s [PBoC] digital currency research bureau’s director, Wang Xin revealed that a couple of technical tests were done to review the cross-border phase of the Chinese digital currency.

Wang Xin reportedly made this announcement at the State Council Information Office of China hosted a press conference earlier this week. During this event, the official pointed out that the PBoC had joined hands with the Hong Kong Monetary Authority for this pilot.

Additionally, several platforms across the country have been testing the digital yuan. Recently, the country had given the public a chance to test the digital yuan. Several shoppers reportedly carried out over a thousand transactions during the Women’s day weekend.

Speaking about the emergence of CBDCs, Wang Xin told CNBC,

“On one hand, this is related to more and more central banks in the world participating in the development of domestic digital currencies. On the other hand, this (interest) may also be related to the large increase in the price of bitcoin.”

Coinbase Amasses Green Signal From SEC For Direct Listing

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Cryptocurrencies have been garnering a lot of attention across the globe. Exchanges like Coinbase, Binance, Bitfinex, and several others have been trying to keep up with the ongoing demand in the existing market.

Amidst this increase in the demand for crypto, prominent San Francisco-based exchange, Coinbase revealed that it was going public with a direct listing. More recently, the exchange announced that it had managed to secure permission from the Securities and Exchange Commission [SEC] of the United States and is all set to make a debut on the Nasdaq Global Select Market in the coming week.

Coinbase was subject to a lot of commotion following the constant glitches in its platform, particularly during peak volatility periods. Despite this, the platform took a plunge into going public. While the platform initially revealed that it would go public with an initial public offering [IPO], it then decided to do a direct listing.

Coinbase Scheduled To Go Public On April 14

In a recent blog post, the cryptocurrency exchange revealed that the SEC had given the platform an all-clear for the registration statement on Form S-1 with regard to its direct listing. The platform is all set to start trading its Class A common stock under the ticker symbol “COIN” on the  Nasdaq Global Select Market. Users would be able to do so starting from 14 April 2021.

The announcement read,

“Coinbase Global, Inc., today announced that its registration statement on Form S-1, as filed with the Securities and Exchange Commission (the “SEC”), relating to a proposed public direct listing of its Class A common stock was declared effective by the SEC on April 1, 2021.”

Additionally, a couple of weeks ago, the exchange went on to publish its financial results for 2020. While this was mandatory following the S-1 regulatory filing required to go public, it was revealed that the platform had bagged profits of over $322 million last year.