Crypto Espresso: Your Quick Shot Of The Latest Crypto Moves And News – Stockhead

Your quick shot of the latest crypto moves and news, the Crypto Espresso is brought to you by Capital.com Australia (AFSL 513393), a multi-award winning global investment trading platform.

After a major upward re-rating in 2021, crypto markets are tracking sideways into the end of the year.

Bitcoin, the market leader, is consolidating just below $US50,000 in December — down from all-time highs above $US60,000 but around double where it started the year at ~US$25,000.

The US$43,500 level was recently flagged by traders as a key level of downside support, while Ethereum, the world’s second largest cryptocurrency, is still holding near the US$4,000 level.

While markets tread water, as usual there’s still plenty of activity happening in the broader space around DeFi, smart contracts and NFTs. Read on below for the latest market data from Capital.com.

Bitcoin tests yearly moving average as $US100K by Christmas needs ‘small miracle’

Bitcoin will decide whether or not to preserve the one-year trendline as support in what has historically resulted in long-term upside. BTC/USD traded just under $US47,000 Sunday, still firmly Bitcoin’s one-year MA trendline, an important historical line.

The US government has a massive, secret stockpile of bitcoin — Here’s what happens to it

The US government regularly holds auctions for its stockpile of bitcoin, ethereum, litecoin and other cryptocurrencies it seizes. These auctions took off after the 2013 takedown of Silk Road, a dark web marketplace that traded in illegal goods.

“It could be 10 boats, 12 cars, and then one of the lots is X number of bitcoin being auctioned,” said Jarod Koopman, director of the Internal Revenue Service’s cybercrime unit.

BBC Bitcoin mining report used in crypto-scam

BBC reporter James Clayton tells the story of how his investigation earlier this year into the energy usage at a bitcoin mine in New York state was used in a crypto-scam. The scam used social media to build legitimacy. His report had been altered, and the false information cost small investors thousands.

Crypto markets finish week down after Federal Reserve meeting

Some of the top cryptocurrencies by market capitalisation lost ground last week after the US Federal Reserve Bank announced it is going to accelerate its plans to taper asset purchases and raise interest rates.

Demand for crypto investment products is rising, study says

A new study by Grayscale Investments, a global digital currency management firm, showed that investors are increasingly bullish on the adoption of bitcoin and other digital currencies.

More than 26% of 1,000 investors reported holding cryptocurrencies in their portfolios, another 55% of respondents said they invested in bitcoin within the last 12 months.

Crypto fraudsters took $7.7bn last year

Cryptocurrency investors lost around $7.7bn (£5.81bn) last year because of fraud and scams, according to a new report by Chainalysis, a blockchain watchdog firm. While fraud has been associated with increased use and adoption of cryptocurrencies, the report found that the correlation between scam volume and asset price is starting to diverge. The report suggests this is evidence of the market maturing.

Bitwise launches indexed fund tracking high-profile NFTs

Bitwise launched an investment fund (ETF) that tracks an index consisting of high-profile and liquid digital art collections, known as “Blue Chip” non-fungible tokens (NFTs).

The Bitwise Blue-Chip NFT Index Fund will purchase and hold individual NFTs from ten of the largest collections weighted by market capitalisation. The fund will track a new Bitwise Blue-Chip NFT Collections Index.

Analysis – The Graph (GRT) price prediction: Can the token rebound by the end of the year?

Since The Graph (GRT) hit an all-time-high level of $2.88 on 12 February 2021, it has dropped and stayed down. But some analysts say GRT’s indexing protocol has established itself as a crucial component of the global decentralised finance infrastructure. GRT is a token that powers The Graph, a decentralised indexing protocol used by blockchains such as Ethereum.

Analysis – HEX price prediction: The future of blockchain certificate of deposits

HEX has tumbled 60% down from its all-time high of just a month ago. Its latest growth spurt last week stalled by 17 December. It offers blockchain-based certificates of deposits and has attracted crypto investors by promising them returns for locking up their HEX holdings. Are HEX returns sustainable, and can its price continue to go up in the future?

Analysis – EverGrow coin price prediction: The next Shiba Inu?

EverGrow (EGC) is a hyper-deflationary coin that works on an autonomous, frictionless yield-farming and liquidity generation protocol. It has grown in popularity because it’s designed to become scarcer over time.

The cryptocurrency launched in September this year, and recently passed a benchmark of 100,000 token holders.

This article was developed in collaboration with Capital.com Australia (AFSL 513393), a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.