Crypto NFT Today: The latest news in blockchain, cryptocurrency and NFT: 21-27 December 2022
Welcome to another edition of Crypto NFT Today! If you like cryptocurrency, NFTs and riding emotional roller coasters, this is the place to be.
Are you ready for the crunch? Let’s get started.
Israel proposes crypto regulation
The Israel Securities Authority (ISA) proposed a framework for the regulation of digital assets as one of the first items in 2023.
The move comes as a growing number of Israeli investors are being exposed to digital assets as over 150 crypto and blockchain-focused companies operate in Israel.
A 109-page report submitted to the finance minister in late November 2022 by Israel’s chief economist, Shira Greenberg, outlines a comprehensive regulatory framework that would give regulators more power to crack down on the industry.
The purpose of the proposal is to achieve the “double value” of responding to the risk associated with investing in digital assets alongside giving the authority the means to enact a regulation, according to Coindesk.
2023 Bitcoin & Ethereum Update
With FTX’s collapse in the rearview mirror and a new calendar year upon us, now is the perfect time to “stock up” on crypto’s perennial biggest players.
New Bitcoin support and resistance levels have crystallized amid an extremely tight trading range, while ETH price action has set multi-week highs.
At just under $17,000, Bitcoin is still well below all-time highs. However, the cryptocurrency may break the $17,000 ceiling soon, according to analysts.
“Bitcoin needs to maintain the 50 DMA and break last week’s high, but a trip there looks possible heading into the CPI data,” reported Filbfilb, co-founder of trading suite DecenTrader.
Ethereum is currently doing better, with solid support levels giving bulls much-needed comfort in the event of another market decline.
“ETH continues to look decidedly more bullish than BTC, although it is also still trading within a consolidation pattern.” wrote QCP. “The top of the triangle comes in at 1,400, but the major resistance zone is between 1,700 and 2,000 to the upside. On the downside, we expect 1,000-1,100 to be a very decent support.”
The Mainstream Gaming Community Rejects NFTs
NFTs have found a home in metaverse gaming, but are rejected in the mainstream gaming environment.
Throughout 2022, game developers such as Stalker studio GSC Game World, Ubisoft, and Worms developer Team17 supported their intention to integrate NFTs into games due to negative feedback from the gaming community.
Leading companies in the space such as EA and Square Enix have previously shown support for NFTs, but are halting integration on mainstream titles due to online backlash regarding the digital assets.
New Memecoin Up 150% in 24 hours
A new token on the Solana blockchain is breaking out, registering some of the highest trading volumes ever seen on Solana-based exchanges.
BONK is a Shiba Inu theme that has increased by 150% in the last 24 hours. The memecoin, issued on December 25, has returned 2,220% to traders in the past week.
The token was sent to the Solana NFT community and creators, leading to rapid hype and trading volume for the token, as CoinDesk reported on Tuesday.
