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Why Is Hong Kong Positioned as the Most Crypto-Ready Country

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VOC, Voice of Crypto, Hong Kong, Crypto Hub

With a score of 8.6 out of 10, Hong Kong ranked as the most Crypto-Ready Country. The number of crypto ATMs proportional to the population and geographical size and the number of blockchain startups per hundred thousand people acted as the factors to calculate each country’s crypto readiness.

Even though public acceptance is the most important aspect of maintaining crypto’s existence, mainstreaming crypto adoption is difficult without the government’s help. For mainstream crypto adoption, the country’s government must set up infrastructure to support and complement the people’s and technology’s needs.

Any country’s readiness to adopt cryptocurrencies include crypto ATM installations, regulations favoring crypto, startup culture, and a fair tax regime. Based on these factors, a study report by Forex Suggest revealed that Hong Kong stood first among the top countries which are prepared for widespread cryptocurrency adoption. 

The United States and Switzerland have a larger crypto infrastructure than the island nation. Despite this, they secured lower place, with 7.7 and 7.5 crypto-readiness scores, respectively. The list below shows the top twenty countries with their crypto-readiness scores. 

Source: Forex Suggest study report

Since the number of crypto ATM installations proportional to the population and geographical size of the jurisdiction and the number of blockchain startups per 100,00 people was the most important factor, Hong Kong’s smaller land mass helped the country top the list. 

The data on the CoinATMRadar features that the U.S. accounts for 88% of the global crypto ATM installations. On the other hand, Hong Kong installed a network of merely 146 crypto ATMs. This number accounted for just 0.4% of crypto ATMs across the world. However, since this island country has a small geographical area, the residents of Hong Kong are never more than a distance of 7 kilometers (4.3 miles)  from a crypto ATM.

When we check the same for Switzerland, it has installed a crypto ATM every 271 km, i.e., every 161.5 miles. The U.S. has 168.3 miles or 271 km distance between every crypto ATM.

 

Source: Forex Suggests

Taxes On Crypto Assets

One major hindrance to mainstream crypto adoption is the tax levied on crypto assets. Countries like Hong Kong, Switzerland, Panama, Portugal, Germany, Malaysia, and Turkey have secured the top positions in the list of nations with the lowest crypto taxes for capital gains.

Interest In Cryptocurrency

Source: Forex Suggest

Apart from these, the sentiments of the financial giants or investors of the country also affect the country’s crypto-readiness. The fact that the investors of some major economies have been showing increasing interest in the crypto world indicates a healthy pro-crypto global competition.

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Terra LUNC Price Tanks 20% As Interpol Issues Red Notice For LUNA Founder Do Kwon

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VOC, Voice of Crypto, Terra, LUNA

Things went downhill for the Terra ecosystem right after the crash in May 2022, when the price of LUNA (the first Terra crypto) crashed by 99.9% from about $120 to $0.02 in under 24 hours. The Terra ecosystem lost billions of dollars, leaving many devastated.

The Terra ecosystem bounced back with the launch of LUNC or the Terra 2.0. A way to repay LUNA’s former holders.

LUNC did well on launch, minimizing the effect of the original Terra crypto crash. However, the cryptocurrency has been in a correction from its all-time highs and many have expressed optimism for its future, until 24 hours ago.

Terra LUNC Price Analysis

Over the last three trading seasons, the price of LUNC (Terra 2.0) has been in a bearish trend. This is understandable since the entire crypto market has been in winter since November 2021.

It is also worth noting that LUNC had a wonderful time in early September, reaching as high as $0.00062 before starting its descent to where it now sits.

So far, the price movement of LUNC to the downside has been reasonable compared to the entire market. Over the last week, the cryptocurrency’s price fell under the 50 and 20-period exponential moving averages right after the FED-rate hike, falling 7.25% and hitting a low of $0.000219.

Chart of Terra LUNC showing original dip after FED rate hike (green arrow) 

Chart of Terra LUNC showing original dip after FED rate hike (green arrow) | Source: Tradingview

While most other cryptocurrencies immediately picked up steam and began to trend upwards again, LUNC only trended upwards to the $0.000267 level and then fell by roughly 19% over the last few days. This came after the disturbing news of the issuance of a red notice by Interpol, for the arrest of the embattled Terra founder Do Kwon.

Chart of LUNC/USDT, showing a 19% decline over the last few days

Chart of LUNC/USDT, showing a 19% decline over the last few days | Source: Tradingview

Do Kwon’s Arrest And Effect On LUNC’s Price

This recent price drop came exactly at the same time after the International Criminal Police Organization (Interpol) issued a red notice for Terra founder, Do Kwon.

For context, a red notice is a worldwide arrest warrant issued to locate and potentially detain its subject.

A South Korean court issued an arrest warrant for Do Kown and several others, under allegations of misconduct and violations of the capital-market laws.

Soon after, Do Kwon’s whereabouts became a hot topic after Singapore reported that he was no longer in the country.

However, Do Kwon stated shortly after in a tweet, that he wasn’t on the run, and had nothing to hide.

Do Kwon is known for his abrasive attitude, adding to the fact that he has not tweeted anything since the last one denying that he was on the run. Recent events in general have shown that otherwise is true and that he is obviously on the run.

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Technical Analysis: Bitcoin (BTC) and Ethereum (ETH)

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VOC, Voice of Crypto, BTC, ETH, MATIC, TRON

September has been especially eventful for Bitcoin, Ethereum, and by extension, the entire crypto market.

However, most of the interesting events happened in the latter half of September, from the long-awaited Ethereum merge to the FED rate updates, to the Vasil upgrade on the Cardano network just yesterday Thursday.

The overall crypto market has been on a bearish trend for the better part of 2022, and September was no different. Ethereum for example, currently trades at around $1300, despite being close to the $1700 mark before the merge.

The recent fall of the general crypto market, however, came right after the FED rate hike this week. The price of bitcoin, for example, fluctuated around the $19,600 mark, before falling to a low of about $18,200 right after the news of the FED rate hike hit the market

Bitcoin Technical Analysis

Bitcoin was arguably one of the worst-hit cryptocurrencies on the market after the FED rate increase. It fell to new lows around the $18,000 mark right after the US Federal Reserve meetings, dragging most other cryptocurrencies down with it.

The FED chose to increase the interest rates by a whole 75 basis points on Wednesday, marking the third increase in a row in 2022 alone, and the highest the interest rates have been since 1980.

The chairman of the FED, Jerome Powell also hinted that this FED rate increase was likely to continue until the inflation rate returns to its lows of around 2%.

As a result of this, the price of bitcoin slumped and fell to an intra-day low of $18,290. its lowest in three months.

Chart of BITCOIN USD, showing price bounce from the $18,200 leve

Chart of BTCUSD, showing price bounce from the $18,200 level | Source: Tradingview

Looking at the chart, we can see that bitcoin bulls took control soon after, sending the price back to where it now sits around the $19,600 level.

At the time of writing, the price of bitcoin is at $18,863 and is currently showing slightly bullish conditions on the RSI of the 4-hour timeframe.

Ethereum Price Analysis

Unlike bitcoin, Ethereum’s price didn’t suffer as much after the FED rate hike. This was because it had already suffered enough from the massive selloff that happened after the merge event.

The price of Ethereum was at the $1384 level when the FED rate hike came out. After this, it fell to the $1229 level. Less than a $150 drop. Just like bitcoin, the price of Ethereum collided with the floor and immediately rebounded, with the bulls taking over and sending the price back upward to the $1360 level.

Chart of ETH/USDT showing price rebound after lows from the FED rate hike

Chart of ETH/USDT showing price rebound after lows from the FED rate hike | Source: Tradingview

The price of Ethereum has reversed from there and is now trending down again. At the time of writing, the price of Ethereum is around the $1290 level.

The RSI on Ethereum shows slightly oversold conditions and may mean that the price is either about to experience a reversal, or more consolidation is expected before a more serious move up or down.

 

Disclaimer:

The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research).

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Crypto Analytics Firm Santiment Predicts Massive Price Rallies for BTC and XRP

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VOC, Voice of Crypto, BTC

Santiment, one of the top crypto analytics firms, seems to have much to say about bitcoin. They have recently stated that the benchmark cryptocurrency’s social dominance has actually gone up.

The social dominance metric harvests real-time data about the percentage of discussions on platforms such as social media focused on any one asset at any particular time. This metric uses the data of one asset relative to others to gauge the sentiment on the former. With this data, the social dominance metric acts as a reliable signal for predicting where the price of an asset might be headed.

Santiment maintains that Bitcoin’s price has hit a three-month low, right after the negative comments about it have surged to monthly highs. They also state that investors shorting bitcoin on exchanges have “halted the bleeding.” According to santiment’s report, Bitcoin’s social dominance has spiked, signaling a good bottom for the cryptocurrency.

Bitcoin's social dominance in correlation to its potential bottom, santiment

Bitcoin’s social dominance in correlation to its potential bottom | Source: santiment

XRP to Win SEC Lawsuit

As with XRP, however, santiment holds that the optimism among its bulls and traders that Ripple Labs may come out victorious in the ongoing lawsuit the SEC has against them has contributed to its recent pump. It is also important to note that XRP is the sixth largest cryptocurrency by market cap.

Other Altcoins

In an unexpected turn of events, santiment mentioned Ethereum Classic (ETC), one of the original Ethereum forks that still runs on a proof of work Blockchain.

According to santiment, the short interest in Ethereum classic has surged and may signal a massive dip on its part.

It is also important to note that Ethereum classic is the 22nd largest cryptocurrency by market cap. Santiment maintains that Ethereum classic is now experiencing the highest volume of short interest on exchanges among all 150 top crypto assets.

Ethereum classic’s situation is the exact opposite of the situation with REN, which is experiencing a high level of long interest. Santiment states that Ethereum classic is experiencing a high level of drawbacks against its price, as its bulls are beginning to weaken.

This short interest in Ethereum classic, as santiment highlights, became strongest right after the Ethereum merge earlier this month.

Of course, as we have now established, this is the exact opposite of REN’s situation. While the perpetual funding rates on exchanges point to greater price increases as far as REN is concerned, the exchange funding rates on Ethereum classic are flashing reds. They may mean that Ethereum classic is about to experience a massive dip.

 

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Algorand (ALGO) Surges 23% as NFT Sales Hit New All-Time High

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VOC, Voice of Crypto, ALGO

Algorand is a Layer-1 proof of stake blockchain network with the cryptocurrency ALGO as its native crypto.

The platform recently announced that it had elected a new CMO, Michele Quintaglie. This isn’t surprising because Quintaglie has an impressive track record. She has served in several corporate comms in various fortune-100 companies like Fidelity asset management, United Technologies, and visa incorporated.

This new job assignment will see Quintaglie tasked with developing new strategies to improve the position of Algorand in the market through deals, sponsorship, and key influencer marketing.

Asides from electing a new officer in the company, Algorand is in the news because its Non-Fungible token (NFT) sales have reached a new all-time high, even though we have only spent 3/4 of the total days in September.

These new developments with Algorand have shown that investor interest in their NFT items is increasing and may very well be a sign that more is yet to come.

Algorand’s 24% Pump

Lately, the price of ALGO broke out from the $0.37 resistance and increased by a massive 23% in total, its price reached a high of about $0.47.

However, the bulls could not keep up this momentum, and the price fell soon after. This created what seemed like a “fake-out” from the resistance it appeared to have broken from. ALGO’s price was right back below the resistance it had just surpassed.

Despite this unclear market pattern, however, the RSI on the daily timeframe still displays signs of potential bullishness and may see the price attempt to break through the $0.37 resistance again. Overall, the RSI reached a high of about 65, marking the highest value since March.

Hourly chart on ALGORAND / USDT showing price consolidation around $0.37

Hourly chart on ALGO/USDT showing price consolidation around $0.37 | Source: Tradingview

Algorand on Hourly Chart

On the hourly timeframe, ALGO appears to be consolidating around this $0.37 level and may see further movement upwards if the bulls defend this level with vigor and pushback against the bears.

The Relative Strength Index (RSI) on the 4-hour timeframe indicates slightly overbought conditions. It may suggest that ALGO will consolidate for quite some time before any strong price movement to the upside or downside.

Chart on the 4-hour timeframe, showing slightly overbought conditions on ALGORAND, and possible price retest of the $0.34 zone

ALGO/USDT Price Chart | Source: Tradingview

The price of ALGO is expected to trend downward and retest the $0.34 level before a possible rebound upward or possibly a breakdown of this support level.

 

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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Dogecoin Gains while Bitcoin Still Remains below $20,000

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VOC, Voice of Crypto, DOGE

Dogecoin has jumped about 5% over the last day after bouncing off its $0.055 support at the time of writing.

The cryptocurrency currently trades at $0.0616 and has tapped resistance at the 200-p moving average on the 4-hour timeframe.

Since mid-august, dogecoin has been trading inside a descending channel and is now at its top resistance. Overall, the outlook on dogecoin seems slightly bearish from the short and long-term perspectives because of its short-term price movements and the long-term bearishness of the overall crypto market.

If the price of dogecoin breaks the 200-p moving average in the 4-hour timeframe and then closes above the $0.62 mark, a medium-term rally to the $0.72 level before a correction could be possible.

 Dogecoin Price Analysis

Dogecoin appears to be consolidating around the $0.061 level on the daily timeframe and has been doing so since late August.

It has broken below the $0.6158 support it last tested in late July and is now retesting this zone.

Daily Market Conditions on dogecoin

Daily Market Conditions on dogecoin | Source: tradingview

If the bulls win against the bears, a trend upwards toward the $0.724 level as the price forms what would be a head and shoulders pattern is possible.

Conversely, if the bears push the price of dogecoin lower, a retest of the $0.0483 zone like it was in mid-June might be witnessed.

The RSI indicator on the daily timeframe shows neutral price conditions, meaning that dogecoin can either trend further upwards and confirm the head and shoulders pattern or reverse downwards to retest the $0.48 level and form a bullish wedge.

DOGE on the Hourly Timeframe

On the hourly timeframes, the price of dogecoin seems to have tested the 200p moving average and is now showing signs of bearishness.

The price of dogecoin on the hourly chart appears to be in a bearish channel and is likely to be headed back down to the support around the $0.54 zone.

Hourly market Conditions on dogecoin

Hourly market Conditions on dogecoin | Source: tradingview

It is expected that the bears will take over from here and drive the price down to the $0.54 zone before a momentary correction to the upside and then further movement downwards to the $0.049 zone.

Conversely, if the bulls manage to step in once more and help the price of DOGE close above the $0.062 zone, we may see a rally to the $0.65 support, a breakout, and then some movement upwards to the $0.07 zone to confirm the head and shoulders pattern we saw earlier on the daily timeframe.

Dogecoin On-Chain Data

Overall, DOGE has gained 5.08% over the last day at the time of writing and currently trades at $0.06123.

However, the trading volume has declined by 7.19% over the last day and currently sits at $351.3 million.

The market cap of dogecoin is also up by 5.78%, as calculated by CoinMarketCap, and is currently at $8.1 billion.

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

 

 

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Adekunle Joshua is a cryptocurrency writer. He has a deep understanding of the technology and how it can be used to improve the world. James is a strong advocate for using cryptocurrency to make the world a better place. He wants to help people understand the technology and use it to improve their lives.

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XRP Price Explodes, What’s behind This Rally?

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VOC, Voice of Crypto, XRP

XRP is making waves in the crypto world this week. The general crypto market’s movement over the last few weeks has been interesting but in all the wrong ways.

The FED rate hike did a number on the bitcoin price, fluctuating the figure before giving the bears all the fuel they needed to sink the price below the $19,600 mark.

Bitcoin crashed to the $18,200 zone on Sunday and is now consolidating as the bulls and bears even things out before a move to the upside or an even greater dip.

However, the exception to these unfavorable market conditions in the crypto market has been XRP.

Overall, the crypto market has been bearish. XRP, on the other hand, is showing signs of massive bullishness and has even jumped unnaturally in price over the last few days.

What Is Happening with XRP

One of the reasons for XRP’s recent price movement may be the upcoming pronunciation of the final verdict and the closure of the court case between Ripple Labs and the SEC in the coming days.

Besides this, the indicators on XRP’s charts show that its price action is incredibly bullish, and the price of XRP may rally further upwards.

Within the last week alone, XRP’s bulls showed massive strength, displaying strong bullish patterns on the charts and raising its prices above 63% of what it originally was over the last few days.

The general market sentiment about the SEC versus Ripple case in court may be a possible reason for this. This sentiment may have increased trader optimism and attracted whales to the bulls’ side.

More and more whales appear to be shifting their focus from Ethereum and picking alternatives since the historical upgrade on the former, known simply as “the merge.”

Ethereum’s price has taken a nosedive over the last few weeks, right after the merge, and is now trading below the $1300 mark.

Technicals Price Analysis

XRP Price Chart

XRP Price Chart | Source: TradingView

On the charts, XRP appears to be breaking its 18-month trend on the volume front and at its current level.

According to data from Crypto Banter, a crypto influencer, XRP also appears to be preparing to break its 22-month trend on the RSI. This signals a huge buying opportunity for investors on XRP.

So far,  XRP has jumped 63% in the last seven days, and the future of its price is still very much under speculation.

Nobody knows if the bulls can keep up this upward momentum on XRP, but we all know that the trading volume on XRP increased by about $7 billion, making a total of about $27 billion over the last two weeks.

This indicates strong buying pressure on cryptocurrency. At the time of writing, XRP trades at $0.536 and has jumped 27.39% in price over the last day, according to CoinMarketCap.

Overall, the crypto community seems to be betting on Ripple winning the court case against the SEC.

 

Disclaimer: The author’s comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR  (do your own research)

 

 

 

 

 

Jim Haastrup Author
Crypto Writer

Jim Haastrup is a freelance blockchain and metaverse writer. He helps founders, investors, startups, crypto, and blockchain enthusiasts connect with their audience and win investment through the written word.

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