Here’s a summary of the big headlines in the cryptocurrency world last week. Our poll results from last week’s update are out. Japan’s FSA granted cryptocurrency industry self-regulatory status. Sony unveiled a contactless cold crypto wallet competing with leading USB wallets. Bitcoin (BTC) remains in the calm-before-storm narrow price range.
Poll Results are Out: What Crypto is the Best Investment Choice?
The results of the poll that I announced in last week’s update are in! Across our social media channels and on YouTube’s comments section, the majority of you voted in favor of Ripple’s XRP as the best investment choice in top 100 cryptocurrencies. Cardano’s ADA came in second, while Stellar Lumens (XLM) came in third. There was a large number of Credits (CS) defenders as well, vocalizing their opposition over Weiss Ratings who has ranked the digital currency poorly.
Last week, Weiss Ratings official Twitter account held a poll of their own, asking participants to vote for a crypto they think is best to buy. Similar to our poll results, Ripple’s XRP in first, Cardano (ADA) came in second, and Stellar Lumens (XLM) got the third place.
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Japan’s FSA Permits Self-Regulation
In other news, Japan’s Financial Services Agency (FSA) unexpectedly granted the cryptocurrency industry a self-regulatory status on Wednesday. This gives the Japan Virtual Currency Exchange Association permission to regulate the industry players on its own. According to Reuters, this permission gives the industry association rights to “set rules to safeguard customer assets, prevent money laundering, and give operational guidelines.” The Virtual Currency Exchange association will also have to police compliance.
However, according to a Japanese law company, the self-regulating body’s restrictions are stricter than the laws currently imposed by the FSA. This may help resolve the trust-issues the Japanese people have been having with the cryptocurrency industry in the past years.
Sony Unveils Contactless, Cold, Crypto Wallet
Also in Japan, Sony Computer Science Lab announced last week that they’ve been working on a contactless cryptocurrency hard wallet for cold storage which will directly compete with the current industry favorites like the Ledger Nano S and Trezor wallets which use a USB to connect to your computer. However, this new wallet would allow you to transfer your coins from any device using a near-field communication (NFC) chip, and to ditch the cord completely. The NFC is used by phones and credit cards, making it easier to swipe your chip on store’s devices. Keep in mind that this ease of use may also open up a vulnerability in Sony’s cold wallets as the coins can easily be transferred, simply by swiping.
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On the other hand, this announcement may indicate that Sony could be eyeing a bigger move into the crypt industry. On the news, Sony’s stock price (SNE) saw minor gains, before it rode on the global equity meltdown last week.
Bitcoin (BTC) Moves in Narrowest Range Since 2017
Speaking of volatile markets, Bitcoin (BTC) hasn’t been seeing much of it in the past week, as it’s been moving in the narrowest range since 2017, right below a bearish Ichimoku cloud, and supported by $6,456. With the Ichimoku cloud getting thinner and thinner, market participants are sitting patiently in the calm before a potential storm that may be coming our way this week.
The longer-term support remains at $6,152. A break above the Ichimoku cloud could help Bitcoin revisit above the $7,372 resistance level. As always, invest responsibly, and subscribe to get more updates! Remember that as the 4th point of the IDDA technique, you must calculate your risk tolerance before deciding on the investment strategy that is suitable for your portfolio.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.