Blogs, news and announcements – page 25

Ben Roberts23 April 2024Market update

BTC US$66.9k. Halving over. Market up. Analysts weigh in.

This week saw another mini crypto crash, with Bitcoin dropping to around A$94K (US$60K) as Israel struck back after Iran's attack. However, prices recovered, and it became clear Iran did not want to escalate further. The region remains on a knife edge, though, with any escalation able to turn markets on a dime. Traditional markets were also hit, with concerns that the conflict would pump energy prices, which would hit interest rates and inflation. Bitcoin finishes the week up 6% to trade around A$103,455 (US$66,900) in the wake of Saturday’s halving, while Ethereum gained 4% to trade at A$4,967 (US$3,213). Everything else was up, including Solana (16%), XRP (13%), Dogecoin (1.1%), Cardano (13%) and Shiba Inu (24%). The Crypto Fear and Greed Index is at 73 or Greed.

Ben Roberts16 April 2024Market update

BTC US$63.2k. HK approves Bitcoin, Ether ETFs

Visions of a crypto-funded retirement got pushed back a little this week after the prospect of interest rate cuts in the US this year began to dim, and markets sold off due to tension in the Middle East. That was before Sunday morning’s 8.4% BTC plunge when news broke that Iran had launched a slow-motion attack on Israel. Despite being the largest deleveraging event since mid-2023, Glassnode analyst Checkmate says it "looks a lot more like your garden variety correction" than the start of a new bear market. With the immediate threat of escalation diminishing, and crypto ETFs approved in Hong Kong, markets began to recover. Bitcoin is currently 12% down on a week ago and trading around A$98,750 (US$63,193), while Ethereum lost 17% to trade around A$4,804 (US$3081). Solana lost 24%, XRP fell 25%, Dogecoin (-21%), Cardano (-25%) and Shiba Inu (-24%). The Crypto Fear and Greed Index is at 74, or Greed.

Ben Roberts15 April 2024Knowledge base

Understanding order books on crypto exchanges

An order book is a ledger that contains all pending orders for a particular cryptocurrency. These orders are divided into two main categories: buy orders, which show the prices at which traders are willing to purchase the asset, and sell orders, representing the prices at which sellers are ready to part with their crypto.

Ben Roberts11 April 2024Knowledge base

The 2024 Bitcoin halving – Everything you need to know

The latest Bitcoin halving event is right around the corner, and if history and the opinions of many analysts are anything to go by, we could be in for a massive increase in the price of the digital asset. Despite this, many are warning that this time will be different, with all-time high prices realised pre-halving for the first time in history.

Ben Roberts9 April 2024Market update

BTC US$70.9k. Stablecoins outpace ETFs: US$10B growth

Even after the US Government spooked markets by moving US$2 billion (A$3B) in Bitcoin confiscated from Silk Road, BTC finished the week up 2% to trade at A$107,796 (US$70,939). Ethereum had a sudden surge overnight to A$5,584 (US$3,680), finishing up 6% on seven days ago. Did ETH just bottom out after falling below the 0.05 BTC mark for the first time since 2021? Who knows, but options data suggests there’s potentially another A$454 (US$300) of upside by the end of the month. Solana pulled back 1%, while XRP and Shiba Inu were flat, and Dogecoin reversed by 1.5%. The Crypto Fear and Greed Index is at 76, or Extreme Greed.

Ben Roberts2 April 2024Market update

BTC US$69.7k. US$859.7M of Bitcoin ETF inflows

Bitcoin closed out the month and the quarter above US$70K (A$107.6K) for the first time — that’s higher than the 2021 peak. The halving is less than three weeks off, and the stars are aligning for the bulls. However, this cycle is very different, with Bitcoin hitting a peak prior to the halving for the first time, and the usual rotation into ETH and altcoins apparently skipped in favour of degens trading memecoins. Bitcoin finished the week down 1% on seven days ago at A$107,570 (US$69,753), while Ethereum eased back 2% to A$5,388 (US$3,500). Solana gained 1%, XRP dropped 5%, Dogecoin gained 15.7%, and RektCapital believes it’s now in a "macro uptrend." The analyst also predicts a bright future for Shiba Inu (-1%). April is usually a good month for crypto prices, with Bitcoin’s historical increase averaging 14.03% while ETH usually increases by 23.97%. The Crypto Fear and Greed Index is at 79, or Extreme Greed.

Independent-Reserve-Cryptocurrency-Index-IRCI-Singapore-2024-press-release

Independent Reserve28 March 2024News

Bitcoin ETFs a game changer for Singaporean crypto investors, 48% set to add more Bitcoin this year – 2024 Independent Reserve Cryptocurrency Index shows

Singapore scored 56 on the IRCI this year, up 1 point from 2023. Singapore's 2024 IRCI score reflects a positive shift in public perception towards cryptocurrency. While overall awareness and ownership might have dipped slightly, other key metrics indicate a growing sense of confidence and optimism in the market. This year’s IRCI also found that Singaporean investors are more sophisticated on various fronts. The majority (52%) have been in the market for more than 3 years and hold increasingly diverse portfolios: more are holding 6 or more different cryptocurrencies (16%, up from 5% in 2023).

Independent Reserve28 March 2024News

Independent Reserve Cryptocurrency Index (IRCI) Singapore 2024

IRCI Singapore highlights and key stats 89% of Singaporeans are aware of at least one cryptocurrency 40% of Singaporean investors own or owned crypto in the last 12 months 39% of Singaporeans view Bitcoin more favourably post-spot Bitcoin ETF approval 73% of crypto investors hold Bitcoin 41% of crypto investors put $500 or more per […]

Ben Roberts26 March 2024Market update

BTC US$70k. Bitcoin rebounds: Is the pre halving retrace over?

Bitcoin has been on a rollercoaster ride lately. It dropped sharply from its recent all-time high but rallied 10% mid-week on news of three potential US interest rate cuts this year. Then it fell to near the A$93K (US$61K) level following a week of outflows from the Bitcoin ETFs, recovered slowly and suddenly surged back above A$108K/US$70K overnight. Santiment reports that almost 52K Bitcoin was accumulated by wallets holding 10-10K Bitcoin on Sunday US time alone. One swallow does not a Summer make, but Rekt Capital is already musing about whether the surge marks the end of the traditional "Pre Halving Retrace ", which would make it -18% this cycle compared to -19% in 2020. At the time of writing, Bitcoin was up 5% on seven days ago to trade at A$107,729 (US$70,433), while Ethereum gained 5% to trade at A$5,541 (US$3,622). Solana pulled back 2%, Avalanche lost 6.3%, XRP and Cardano gained 2%, and Dogecoin gained 22.7%. Independent Reserve has just listed Shiba Inu, which gained 7.1% this week. The Crypto Fear and Greed Index is at 75 or Greed.

Independent Reserve25 March 2024News

New listing announcements: Shiba Inu (SHIB)

We are happy to announce that we have listed Shiba Inu (SHIB) on our exchange. Deposits, withdrawals, and trading have been enabled on Monday, the 25th of March.

Ben Roberts25 March 2024Knowledge base

How to deposit and withdraw cryptocurrency on Independent Reserve using an external crypto wallet

Since January 2020, the Monetary Authority of Singapore (MAS) has enforced the crypto travel rule aimed at preventing money laundering and countering terrorism financing in the Digital Payment Token services sector. The crypto travel rule in Singapore is a global recommendation made by the Financial Action Task Force and implemented in Singapore through MAS’ Notice PSN02 and was further specified by MAS' Guidelines to Notice PSN02. The Notice outlines the responsibilities of Virtual Asset Service Providers (VASPs), such as Independent Reserve, when handling clients' crypto transactions.

Ben Roberts19 March 2024Market update

BTC A$103k. Solana surges 30%, record-high market cap

Bitcoin pulled back 5% this week — but remains up 31% over the past 30 days and is currently trading at A$103,770 (US$67.6K). Ethereum fell 12% to trade at A$5,388 (US$3,517) despite the network’s Dencun upgrade reducing fees to sub-cent levels. Part of the issue was that Solana’s soaring activity and price saw social media users comparing it very favourably to ETH’s slow and expensive L1, rather than ETH’s cheap and fast L2s. Solana surged 30%, hit a record-high market cap, and is now the fourth-largest cryptocurrency. XRP lost 8%, Cardano fell 11%, Avalanche gained 25%, and Dogecoin lost 19%, even though Elon Musk said Telsa plans to add it as a method of payment at some point. The Crypto Fear and Greed Index is at 77, or Extreme Greed.