Commentary by Simon Peters, market analyst at eToro
Jerome Powell’s belligerent comments about the Fed caused crypto assets and stocks to plummet late last week, and prices have largely fallen since then as investors try to divest “riskier” assets. “.
Bitcoin is currently trading at $20,400, as it approached $22,000 last week before Friday’s decline. This post-Jackson Hole drop has mirrored the stock market, with US markets losing $1.25 trillion amid comments that rate hikes are becoming a necessity. On Monday, BTC fell below $20,000 to trade at just over $19,500, but has since risen.
Ether is currently sitting just below $1,600, which is the same level it was last week. The development follows reports that whale addresses on the exchanges have seen a 78% increase in their holdings over the past three months, Santiment said. The influx of crypto assets into exchanges usually involves bearish sentiment and profit taking, meaning whales expect the price of Ethereum to fall. Whether the merger will be a “buy the rumor, sell the news” moment remains to be seen, but for now, technical analysis means we could see a lot of blockchain action in the coming weeks.
Mars brings Bored Ape Yacht Club NFTs to life with M&Ms
Mars has partnered with music label UMG to secure the rights to use Bored Ape NFT footage on M&Ms.
Owners of Bored Ape Yacht Club and Mutant Ape Yacht Club had early access to purchase the chocolate, with only 10,000 packs available, divided into boxes and gift jars.
However, only certain owners will see their image on the candies. Bored Ape NFT owners can assign their images to brands as they see fit. Mars’ deal with UMG (via the 10:22PM label) is an example, and Bored Ape’s images have already been used for clothing, fast food restaurants and more.
Will the Energy Crisis Affect Bitcoin Mining?
With the energy crisis making headlines in recent weeks, it is no surprise to learn that it is now impacting Bitcoin mining.
With a 50% drop in the price of Bitcoin and an increase in energy prices, it is understandable that some miners want to cover their losses due to the amount of energy required to mine this asset.
It turns out that some miners are now selling power back to the network to make up for the lower Bitcoin price. Some are even paid to shut down their operations during peak hours so they can feed power back into the grid while reducing the cost of their products.
As the cost of living crisis deepens and a potential bear market develops, this could be another potential side effect, with production levels potentially falling below previous months as energy costs continue to rise.
Singapore Considers Possible Restrictions on Crypto Assets
The Monetary Authority of Singapore (MAS) is holding a public consultation on possible proposals to restrict the way private investors in the country handle crypto assets.
While no final proposals have yet been submitted, new rules would likely include customer suitability tests and potential leverage restrictions. MAS said it will focus on five risk areas: ML/TF, technology and cyber risk, consumer harm, stablecoins and financial stability. The MAS joins a growing group of regulators looking to implement stricter guidelines for crypto assets (especially for retail investors). While all investments involve risk, it may not be surprising to see more regulators making noise as crypto assets, such as stocks, enter a bear market and price movements remain flat.
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