Welcome to another edition of Crypto NFT Today! If you love cryptocurrencies, NFTs and an emotional roller coaster ride, this is the place for you.
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Israel Proposes Crypto Regulation
The Israel Securities Authority (ISA) has proposed a framework for regulating digital assets as one of its first items for 2023.
The move comes as an increasing number of Israeli investors are exposed to digital assets. Over 150 crypto- and blockchain-focused companies operate in Israel.
A 109-page report submitted to the Finance Minister by Israel’s Chief Economist Shira Greenberg at the end of November 2022 outlines a comprehensive regulatory framework that will strengthen regulators’ powers to oversee the industry.
The proposal aims to achieve a “double value” of addressing the risks associated with investing in digital assets and to give authorities the means to adopt regulation. CoinDesk.
Bitcoin and Ethereum Updates for 2023
With the collapse of FTX in the rearview mirror and a new calendar year looming over us, now is the perfect time to “evaluate” crypto’s perennially biggest players.
New Bitcoin support and resistance levels have crystallized within a very tight trading range, setting ETH price action to multi-week highs.
Just below $17,000, Bitcoin is still well below all-time highs. However, analysts say the cryptocurrency could soon surpass the $17,000 cap.
“Bitcoin needs to hold the 50 DMA and break last week’s highs, but it looks like it could head for CPI data,” reports Filbfilb, co-founder of trading suite DecenTrader.
Ethereum is in better shape now, with stable support levels providing bulls with much-needed comfort in the event of a new market downturn.
“Ethereum still looks more bullish than BTC, but is still trading within a consolidation pattern,” wrote QCP. “The apex of the triangle is 1,400, but the big resistance zone is between 1,700 and 2,000. On the downside, we expect 1,000 to 1,100 to be very decent support.”
Mainstream Gaming Community Rejects NFTs
NFTs have taken root in metaverse games, but have been rejected by the mainstream gaming community.
Throughout 2022, game developers such as Stalker studio GSC Game World, Ubisoft, and Worms developer Team17 backed off their intentions to integrate NFTs within their games due to negative feedback from the gaming community.
Big players in the space, such as EA and Square Enix, have shown support for NFTs in the past, but have paused their integration into mainstream titles due to online backlash over digital assets.
New Memecoin up 150% in 24 hours
A new token on the Solana blockchain is out and is recording the highest trading volume ever seen on a Solana-based exchange.
BONK is a Shiba Inu themed token that has gone up 150% in the last 24 hours. Memecoin, issued Dec. 25, has returned 2,220% to traders over the past week.
The token was airdropped to the Solana NFT community and creators, leading to rapid publicity and trading volume for the token. CoinDesk reported on Tuesday.