Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place to be.
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Israel Proposes Crypto Regulation
The Israeli Securities Authority (ISA) proposed a framework for regulating digital assets as one of the first items of 2023.
The move comes as an increasing number of Isreali investors are exposed to digital assets; over 150 crypto- and blockchain-focused companies operate in Israel.
A 109-page report submitted to the Minister of Finance at the end of November 2022 by Israel’s chief economist, Shira Greenberg, outlines a comprehensive regulatory framework that would give regulators more power to oversee the industry.
The purpose of the proposal is to achieve the “double value” of responding to the risks associated with investing in digital assets alongside giving the authority means to adopt a regulation, according to CoinDesk.
2023 Bitcoin & Ethereum Update
With the FTX’s collapse in the rearview mirror and a new calendar year upon us, now is the perfect time to take “stock” of crypto’s perpetual biggest players.
Fresh Bitcoin support and resistance levels have crystalized amidst an extremely tight trading range, while ETH price action has set multi-week highs.
Holding just below $17,000, Bitcoin is still far below all-time highs. However, the cryptocurrency could 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 seems possible heading into the CPI data,” reported Filbfilb, co-founder of trading suite DecenTrader.
Ethereum is currently fairing better, with solid support levels giving bulls much-needed comfort in the event of a fresh market downturn.
“ETH continues looking decidedly more bullish than BTC, although it too is still trading within a consolidation pattern.” QCP wrote. “The top of the triangle comes in at 1,400 but the big resistance zone lies between 1,700 to 2,000 to the topside. On the downside we expect 1,000-1,100 to be very decent support.”
Mainstream Gaming Community Rejects NFTs
NFTs have found a home in metaverse gaming, but are being rejected in the mainstream gaming community.
Throughout 2022, game developers like Stalker studio GSC Game World, Ubisoft and Worms developer Team17 backpedaled on their intent to integrate NFTs within 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 past but are pausing 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, recording some of the highest trading volumes ever seen on solana-based exchanges.
BONK is a Shiba Inu-themed token up 150% in the past 24 hours. The memecoin, issued on Dec. 25, has returned 2,220% to traders in the past week.
The token was airdropped to Solana NFT communities and creators, which led to quick hype and trading volumes for the token, as CoinDesk reported Tuesday.