“Bitcoin was trading at the lower end of its weeklong trading range around $53,000 at the time of publication. BTC is up about 2% over the past week compared to a 7% gain in ether and a 13% gain in Solana’s SOL token over the same period. The dispersion in weekly returns suggests that alternative cryptocurrencies (altcoins) are starting to outperform.
On a relative basis, ether is poised to outperform bitcoin if a breakout above 0.08 in the ETH/BTC ratio is confirmed next week. For now, the options market remains bullish on ether.
This [pending] breakout is essential because it represents a resistance line going back to the 2017 top when one ETH was 0.15 BTC. The monthly close of the ETH/BTC chart was the highest bullish close in 45 months.
Some analysts are paying close attention to the slower pace of global monetary easing, which could reduce investors’ appetite for speculative assets such as cryptocurrencies and equities.
In our view, the speed with which global liquidity contracts is the most important factor for cryptocurrency performance in the weeks ahead and possibly even into early 2022.”
See Also: Academic research claims ETH is a ‘superior’ store of value to Bitcoin
“Senator Pat Toomey, one of the ranking members of the Senate Banking Committee, has suggested Congress step in with legislation should the Securities and Exchange Commission (SEC) be unable to provide sufficient guidance on cryptocurrencies.
Toomey said he was dissatisfied with the answers SEC chair Gary Gensler had provided on the differences between securities and commodities in regards to token projects and stablecoins. The senator questioned some of the SEC’s seeming disparities in enforcement actions.
Chairman Gensler’s failure to provide clear rules of the road for cryptocurrencies underscores the need for Congress to act.”
See Also: SEC Chair Gensler: Bitcoin Competes With The US Banking System
“Indian news outlet NDTV reported on Thursday that it had obtained details of a cabinet note circulating in the government regarding the proposed crypto bill. The note contained suggestions to regulate cryptocurrencies as crypto assets, with the Securities and Exchange Board of India (SEBI) overseeing the regulation of local crypto exchanges.
According to Prabhu, investors will be given a specific time frame to declare their crypto holdings and transfer them to exchanges regulated by the SEBI, which suggests that private wallets may be banned.”
See Also: South Korea Delays Plans to Tax Crypto to 2023
“On Friday, WisdomTree, a financial institution with over $76 billion in assets under management, announced it had created four cryptocurrency indices in the United States and Europe to provide diversified portfolio exposure to investors. The move comes in collaboration with Ritholtz Wealth Management, OnRamp and Gemini.
As interest in crypto assets remains high and becomes a bigger focus for investors, we will continue investing in our platform and capabilities to support investors in this fast-moving market.”
“Securitize, a technology provider for issuing tokenized securities, is bringing its system of identity verification to decentralized finance (DeFi) as the world of “degens” inches closer to Wall Street. Securitize is looking to join Fireblocks in offering ID tools for Aave Arc.
A community vote among stakeholders in Aave Arc, a KYC-compliant and institutional-grade version of the DeFi lending platform, will take place over the weekend.”
“Spotify and Apple Music reportedly cut 75% from musicians’ revenues together with the cut paid to labels. New technologies like nonfungible tokens (NFT) will likely help artists grab back their fair share, Saxo Bank predicted.
The analyst noted that NFT-based music streaming projects are likely to kick off in 2022, including initiatives such as Audius, a blockchain music platform backed by Katy Perry, The Chainsmokers and Jason Derulo.
In contrast, the future of traditional streaming platforms such as Spotify is “bleak,” according to Saxo Bank. The company predicted that Spotify shares would tumble 33% in 2022.”
The Disrupt 