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• Indonesia is set to launch a national cryptocurrency exchange by June 2023.
• The government’s Trade Ministry has identified five active, registered exchanges from a list of 25 for the role.
• The Indonesian House of Representatives passed the Financial Sector Development and Reinforcement Bill as the country’s primary legal reference for the broader financial services industry.

Indonesia to Launch National Crypto Exchange

Indonesia is set to roll out its own national crypto exchange by June 2023, according to an announcement from the country’s Trade Ministry. The government has identified five active and licensed platforms from a list of 25 that will be included in the exchange.

Financial Sector Development and Reinforcement Bill

The Indonesian House of Representatives passed the Financial Sector Development and Reinforcement Bill which serves as the country’s primary legal reference for broader financial services industry. This includes regulations on digital asset exchanges being part of the new law. Currently, crypto assets trading in Indonesia fall under the purview of the Commodity Futures Trading Regulatory Agency (CFTC).

Regulatory Review Underway

A review of digital asset exchanges earmarked to join Indonesia’s national crypto exchange is currently underway. Trade Minister Zulkifli Hasan said there is a need for everything to be done properly before launch, as rushing could result in public harm due to lack of knowledge about trading cryptocurrencies.

Growing Crypto Community

Indonesia has one of the fastest growing crypto communities in Asia, with increased interest from both institutional and retail investors looking to take advantage of digital currencies such as Bitcoin and Ethereum. With more countries embracing cryptocurrencies, it is likely that other governments may soon follow suit with their own regulatory frameworks governing blockchain-based assets.

Conclusion

As more countries begin to recognize cryptocurrencies as legitimate investments, it’s likely we will see more nations introducing their own regulated exchanges in order to protect their citizens while also providing an avenue for investment opportunities within their own borders. It remains unclear how successful this initiative will be in Indonesia but it looks like they are taking steps towards creating a safe environment for crypto traders within their jurisdiction.

• The Bitcoin hash rate is the amount of computing power contributed towards mining.
• It has continued to take new all-time highs as the Bitcoin price has fallen and electricity costs have risen.
• A high hash rate implies a healthy and secure Bitcoin network.

The Bitcoin hash rate has been on a steady increase over the past year, taking new all-time highs and showing no signs of slowing down. In fact, the hash rate has nearly tripled since May 2020, showing an impressive level of resilience and strength in the Bitcoin network.

So, what is the Bitcoin hash rate and why is it at all-time highs? In order to understand this, we need to first understand what mining is and how it works. Mining is the process of validating blocks of transactions on the Bitcoin blockchain, and it is done by computers that are specifically designed for this purpose. These computers will solve complex mathematical puzzles in order to validate a block of transactions, and once it is solved, the miner responsible for solving the puzzle is rewarded with a certain amount of Bitcoin.

As more miners join the network and contribute their computing power, the hash rate increases. This means that more computing power is now being used to validate blocks, making the Bitcoin network stronger and more secure. As the hash rate increases, the difficulty of the mathematical puzzles also increases, meaning that it becomes increasingly difficult for miners to solve blocks. This is why miners usually join mining pools, as it allows them to combine their computing power and increase their chances of solving a block and earning rewards.

However, it should also be noted that a higher hash rate does not necessarily mean higher rewards for miners. In fact, as the hash rate has been increasing over the past year, the Bitcoin price has been falling and electricity costs have been rising, making it increasingly difficult for miners to remain profitable. This has led to some miners leaving the network, but the fact that the hash rate is still at all-time highs is a testament to the strength of the Bitcoin network.

Overall, a high hash rate implies a healthy and more secure Bitcoin network. This is especially important in this current climate, as the Bitcoin network is being used more and more as a safe haven asset and store of value. As the hash rate continues to take new all-time highs, it shows that the network is becoming increasingly secure, and this is good news for both miners and users who rely on the network for their transactions.

• Ethereum price has retreated this week as the put/call ratio on Deribit has risen.
• The put to call ratio is an essential tool that traders and investors use to predict whether an asset will rise or not.
• Data shows that Ethereum’s put/call ratio has edged upward slightly in the past few days.

Ethereum prices have been on a rollercoaster ride over the past few weeks, and this week was no exception. As the rally of the cryptocurrency cooled off, Ethereum prices retreated on Thursday as the put/call ratio on Deribit rose.

The put to call ratio is an important metric in the options market. It measures the ratio of traders who are placing put trades and those who are placing call trades. A put gives the trader the right to sell while a call gives them the right to buy. A lower ratio is usually preferred since it means that there are more buyers in the options market.

Data compiled by The Block shows that Ethereum’s put/call ratio has edged upward slightly in the past few days. The ratio has now risen from 0.24 on January 4 to a high of 0.3. This indicates that traders and investors are not as bullish as they were previously and may be a sign that Ethereum prices could be headed for a retracement.

In addition to the rising put/call ratio, data from CoinGlass shows that the number of short liquidations in key exchanges rose to the highest point in two weeks. This could be attributed to the weak corporate earnings from the United States, which has put a damper on the spectacular crypto comeback over the past week.

Overall, Ethereum prices have pulled back to $1,500 on Thursday, a decrease of over 5.90% from its highest point this year. It remains to be seen whether this is a temporary setback or the start of a larger correction. With the put/call ratio edging upwards, traders and investors should be wary of any further downside risks.

• Robinhood has announced that it will no longer accept Bitcoin SV deposits, and will delist the cryptocurrency from its platform by January 25th.
• Any Bitcoin SV held in customers‘ accounts will be sold at market value, with the proceeds returned to the respective users.
• Robinhood said that this decision was made as part of its regular review of the cryptocurrencies it offers.

Online trading app Robinhood has announced that it will no longer accept deposits of Bitcoin SV (BSV), and will delist the digital asset from its platform before the end of January. The decision was made as part of a regular review of the cryptocurrencies offered on the popular trading platform.

Robinhood said in a statement that it will cease accepting Bitcoin SV deposits starting from Wednesday, and will delist the cryptocurrency starting on January 25th. Any Bitcoin SV held in customers‘ accounts after this date will be automatically sold at market value, with the proceeds returned to the respective users.

The company stated that it has a “rigorous framework” in place to help it regularly review the crypto assets it offers. It is aiming to become “the most trusted, lowest cost, and easiest to use on-ramp to crypto”. By delisting Bitcoin SV, Robinhood hopes to further this goal.

The move has been met with mixed reactions from the crypto-verse. Some have praised the decision, citing the controversial behavior of Bitcoin SV’s proponents, while others have criticized the platform for making a decision that could affect the price of the digital asset.

Regardless of the opinions around the delisting, it is clear that Robinhood is taking a more active role in the crypto space, and is doing so to ensure the safety and trustworthiness of its platform. It remains to be seen what other cryptocurrencies might be added or removed in the future.

• The cryptocurrency market experienced significant growth in 2021, leading to increased interest from global companies.
• Traditional companies are now using digital currency due to the advantages it offers such as fast payments, no need for verification, and minimal or no fees.
• Markets that will likely switch to cryptocurrency in 2023 include online casinos, bookmakers, real estate, and finance.

Despite the current crypto winter, the cryptocurrency market experienced significant growth in 2021, leading to an increase in interest from global companies. Many of these companies have now decided to transition their businesses to the use of digital currency due to the advantages that this technology offers. Fast payments, no need for verification, and minimal or no fees are just some of the reasons why companies are turning to cryptocurrency.

The most popular area of application of cryptocurrency is the sphere of gambling on the Internet. Both online casinos and bookmakers can make payments in bitcoins and other tokens, as this allows customers to instantly replenish their accounts and withdraw winnings. This is especially beneficial for those who are looking to place bets or play casino games without having to wait for lengthy verification processes or pay exorbitant fees.

Apart from gambling, a number of other markets are likely to switch to cryptocurrency in 2023. Real estate, for instance, is already seeing the emergence of tokenized properties, allowing for faster, cheaper, and more secure transactions. The finance sector is also expected to see an increase in the use of digital assets, with more and more companies offering services related to cryptocurrency trading, lending, and investing.

Cryptocurrency is also expected to become more widely accepted as a form of payment. Already, major companies such as Microsoft, Starbucks, and Apple are allowing their customers to purchase goods and services using digital coins. This trend is likely to continue in the coming years, with more and more retailers embracing cryptocurrency payments.

Clearly, the cryptocurrency industry is here to stay, and its usage is expected to explode in the coming years. Companies across a range of industries are starting to recognize the potential of this technology, and are beginning to make the transition to digital currency. With the right infrastructure in place, we can expect to see an even greater surge in the use of cryptocurrency in 2023.

• MEXC, a leading Singapore-based cryptocurrency trading platform, has unveiled a $20 million fund to support projects on Layer 1 blockchain Sei Network.
• Sei Network raised $5 million in August from investors such as Coinbase Ventures and Multicoin Capital.
• The platform plans to use the new capital injection to support network development and back 20 decentralised applications (dApps) that are already building on the network.

MEXC, a leading Singapore-based cryptocurrency trading platform, has recently announced a major investment in the Layer 1 blockchain Sei Network. The trading platform has unveiled a $20 million fund to support projects on the Sei Network. This injection of capital was made through MEXC Ventures, a comprehensive fund that looks to empower digital asset projects with the resources they need to grow and expand in the cryptocurrency market.

Sei Network was founded in August and was able to secure $5 million in investments from reputable industry players and other investors, including Coinbase Ventures, Multicoin Capital, Delphi Digital, and Hudson River Trading. The latest capital injection from MEXC Ventures will be used to further develop the network as well as to back 20 decentralised applications (dApps) that are currently being built on the Sei Network.

The Sei Network is designed to maximise the advantages of trading on decentralised exchanges (DEXs). The team behind the platform consists of former Robinhood developers, Cosmos OGs, and ex-Goldman Sachs finance and strategy members.

In a blog post published on the 4th of January, MEXC stated that the fund will be geared towards boosting adoption across the Sei Network ecosystem. The trading platform also noted that the fund will be invested in the “right projects” that will help the Sei Network reach its goals and objectives.

The Sei Network is fast becoming a major player in the cryptocurrency industry and the team is confident that the platform will be able to reach its mainnet launch with the help of the $20 million fund from MEXC Ventures. The Sei Network is expected to become one of the most powerful Layer 1 blockchains in the industry and will be able to facilitate the development of new dApps and other projects that will help drive further adoption and usage of cryptocurrencies.

• Cardano (ADA/USD) is taking a stride higher after hitting a two-year low of $0.24, currently trading at $0.265 as of press time.
• Whale activity has been reported to be on the rise, with BNB whales now holding a combined 19.9 million Cardano tokens.
• From a technical outlook, ADA is on a relief rally from the bottom edge of the descending channel.

Cardano (ADA/USD) has been taking a stride higher after hitting a two-year low of $0.24, currently trading at $0.265 as of press time. This comes as whale activity has been reported to be on the rise, with BNB whales now holding a combined 19.9 million Cardano tokens. This portfolio, worth $5.19 million, however, represents less than 1% of the total.

In the last 30 days, large investors have cut their ADA positions, potentially explaining the huge decline in ADA price in December to the multi-year low. There are no clear indications for the recent surge in ADA, however sentiment data showed that ADA was undervalued as of the end of 2022. This could mean that investors are throwing weight on recovery as the price hits depressed levels.

From a technical outlook, ADA is on a relief rally from the bottom edge of the descending channel. The two-year low saw the RSI lower than 30, which is usually seen as oversold. Currently the RSI is at 41, but still far from the overbought level of 70. This suggests that ADA is still far from confirming a bullish trend.

The longer-term outlook for ADA remains uncertain, and investors should proceed with caution. This is because the cryptocurrency has been on a downtrend for a while now, and there is no clear indication of a reversal. Therefore, investors should be careful when trading Cardano and keep an eye on the overall market sentiment.