Welcome to another edition of Crypto NFT today! If you enjoy cryptocurrency, NFTs and riding emotional roller coasters, this is the place to be.
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Israel proposes crypto regulation
The Israel Securities Authority (ISA) has proposed a framework for regulating digital assets as one of the first items in 2023.
The move comes at a time when 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 in late November 2022 by Israel’s chief economist, Shira Greenberg, outlines a comprehensive regulatory framework that would give regulators more powers to oversee the industry.
The purpose of the proposal is to achieve a “dual value” response to the risks associated with investing in digital assets, while giving the authorities the means to enact regulation, according to CoinDesk.
Bitcoin and Ethereum 2023 Update
With the collapse of FTX in the rearview mirror and a new calendar year upon us, now is the perfect time to make an “inventor” of the biggest crypto players of all time.
New support and resistance levels for Bitcoin crystallized amid an extremely narrow trading range, while the price of ETH set weekly highs.
Holding just below $17,000, Bitcoin is still well below its all-time highs. However, according to analysts, the cryptocurrency may break through the upper limit of $17,000 soon.
“Bitcoin needs to hold the 50 DMA and break last week’s high, but a trip there seems possible according to CPI data,” reported Filbfilb, co-founder of trading suite DecenTrader.
Ethereum is doing better right now, with solid support levels giving bulls some much-needed comfort in the event of another market decline.
“ETH continues to look distinctly more bullish than BTC, although it too is still trading within a consolidation pattern.” wrote QCP. “The top of the triangle comes in at 1400, but the big resistance zone is between 1700 and 2000 towards the top. On the downside, we expect 1000-1100 to be very decent support.”
NFTs are rejected by the mainstream gaming community
NFTs have found a home in the gaming metaverse, but have been rejected in the mainstream gaming community.
During 2022, game developers such as Stalker studio GSC Game World, Ubisoft, and Worms developer Team17 abandoned their intention to integrate NFTs into games due to negative feedback from the gaming community.
Leading companies in the space like EA and Square Enix have shown support for NFTs in the past, but are pausing integration on major titles due to online backlash regarding the digital asset.
New Memecoin up 150% in 24 hours
A new token on the Solana blockchain is launching, recording some of the highest trading volumes ever seen on Solana-based exchanges.
BONK is a Shiba Inu themed token that is up 150% in the last 24 hours. Memecoin, released on December 25th, has returned 2220% to traders in the past week.
The token was sent to the Solana NFT communities and creators, leading to rapid hype and trading volume for the token, as CoinDesk he reported on Tuesday.