Korean health management app leverages blockchain for iris-based solutions

Matrixport Forecasts Bitcoin Bull Market Breather AheadMatrixport, the Singapore-headquartered digital asset financial services provider, has reported a significant surge in its Bitcoin Greed & Fear Index (GFI) over the past week.Photo by Karolina Grabowska on PexelsBitcoin Greed & Fear Index (GFI)The index, which tracks market sentiments, has skyrocketed from below 10% to a staggering 93%. Such a rapid increase indicates a prevailing sense of greed and excessive optimism among Bitcoin investors. As a result, industry experts are suggesting that a breather in the ongoing Bitcoin rally may be on the cards.Markus Thielen, the Head of Research and Strategy at Matrixport, has advised short-term traders to consider capitalizing on their gains given the exuberant levels recorded by the Bitcoin Greed & Fear Index. Historical analysis reveals that readings above 90% have often signaled interim tops in Bitcoin’s price, while readings below 10% have preceded notable price rallies.Upward movement favorableDespite the current high reading, the 21-day simple moving average of the index remains below the critical 90% mark. This implies that the overall trajectory for Bitcoin still favors upward movement. Thielen points out that the rising 21-day moving average indicates the potential for further upside once the current phase of exuberance subsides, allowing for consolidation in the market.Chart analysts share an optimistic view of Bitcoin’s future, with some predicting a potential rally towards the $35,000 mark and beyond. Josh Olszewicz, Head of Research at digital asset investment firm Valkyrie, highlights a falling wedge setup in Bitcoin’s recent price action.The successful bounce off the support level, combined with the completion of the falling wedge pattern, has heightened expectations for a move towards the mid-$30,000 range. Olszewicz does caution that significant resistance may arise in that zone, likely leading to a subsequent period of re-consolidation before any further upward progress can be made.In recent weeks, Bitcoin experienced a pullback from its mid-April high of $31,000, eventually finding support around the $25,200 level earlier this month. This pullback, often referred to as a “throwback,” historically acts as a catalyst for price rallies, as has been evident in the past few days.Ether gain potentialWhile Bitcoin’s rally has been impressive, Ether (ETH), the second-largest cryptocurrency by market capitalization, has seen a gain of 15.9% since last Thursday. However, Ether’s GFI index has yet to reach the 90% threshold, indicating potential room for further growth while Bitcoin takes a breather.Matrixport’s Bitcoin Greed & Fear Index has surged to an astonishing 93%, signaling heightened levels of greed and optimism among Bitcoin investors. Traders are advised to consider securing their gains as the index reaches exuberant levels.Nonetheless, the rising 21-day moving average suggests the potential for Bitcoin’s upward momentum to continue following a period of consolidation. At the time of writing, Bitcoin is trading around $31,200, based on CoinGecko data. Going into the weekend, that’s demonstrating continued growth. Meanwhile, Ether shows promising performance, with potential for further growth.

OKX NFT Marketplace hits the front on trading volumeIn the non-fungible token (NFT) space, OKX’s NFT marketplace has emerged as the leader in daily trading volume, surpassing long-standing frontrunners such as OpenSea, Blur and Magic Eden.According to data from decentralized applications (DApp) tracker DappRadar, on Dec. 18, the OKX NFT Marketplace had recorded a 24-hour trading volume of $50 million. In more recent trading, that has reduced to around $35 million. Nevertheless, it maintains its lead over its main competitors, whose combined 24-hour trading volume stands at approximately $24 million.Photo by Kanchanara on UnsplashOrdinals driving volume uptickThe surge in trading volume can be attributed to OKX’s support for Bitcoin Ordinals NFTs and BRC-20 tokens. Notably, the NFT transaction volume on Bitcoin experienced a substantial increase, reaching $121.8 million between Dec. 10 and Dec. 17.Unlike traditional NFTs, Ordinals do not rely on smart contracts pointing to a digital asset. Described as digital artifacts by developer Casey Rodarmor, they lack smart contract features, making their trading reliant on decentralized exchanges and wallets.The Ordinals protocol has been made possible by the Bitcoin Taproot upgrade, which was implemented in November 2021. The upgrade allows digital files to be inscribed on satoshis, the smallest monetary denomination on the Bitcoin network, each with a unique number or ordinal.Strategic focus on BRC-20The OKX NFT Marketplace’s strategic focus on the BRC-20 token standard has also played a role in its success. Collaborating with UniSat, a developer of Ordinals wallets, OKX created an indexing mechanism for BRC-20 transactions built on ordinal inscriptions, further solidifying its position in the market.The Ordinals protocol has not been without controversy, with some, including Adam Back, CEO of Blockstream, criticizing it as a misuse of Bitcoin transaction blockspace. Despite the controversy, Ordinals have gained momentum, contributing to $367 million in sales volume on the Bitcoin network, surpassing Ethereum and Solana.Ordinals and the BRC-20 standard have generally been a boon for Bitcoin miners, boosting their revenues through increased fees. This incentivizes miners to secure the network. Over 49 million transactions have resulted in over 2,250 BTC in transaction fees. Around 6 p.m. UTC on Monday, bitcoin fees are averaging out at $38.43 per transaction.Beyond Bitcoin Ordinals, the broader NFT space has seen a resurgence, with the collective volume nearing $1 billion in November. During that month, the average value of NFT transactions experienced a notable 114% increase, rising from $126 to $270. This suggests a willingness among users to engage in higher-value trades compared to previous months.Speaking with The Block, Nick Ruck, COO of ContentFi Labs, a community-owned Web3 tool suite, had this to say on the development:“OKX has become the number one NFT marketplace after enabling trading of BTC Ordinals NFTs. Blur and OpenSea have not yet allowed trading of these Bitcoin-based NFTs, so they’ve started to fall behind in terms of volume due to the huge demand of Ordinals.”

Singapore Gets with Banks to Provide Guidance on Crypto BusinessesIn a move to provide clarity and guidance to financial institutions dealing with cryptocurrencies, the Monetary Authority of Singapore (MAS) is reportedly working with banks to develop new vetting procedures for crypto clients.According to a recent Bloomberg report, the MAS plans to provide more detailed guidance to banks on how to properly screen and monitor customers involved in cryptocurrency transactions.©Pexels/PixabayRegulatory clarityThe decision to provide guidance on crypto businesses comes as regulators around the world struggle to keep up with the rapidly-evolving digital currency industry. Many governments have been grappling with how to regulate cryptocurrencies in the face of concerns over money laundering, fraud, and other illicit activities.Singapore, however, has taken a more progressive stance on digital currencies, with the MAS recently announcing plans to create a regulatory framework for crypto derivatives trading. The country’s financial watchdog has also been working to improve AML (anti-money laundering) and CFT (combating the financing of terrorism) measures relative to crypto transactions.The MAS’s efforts to provide guidance to banks on crypto businesses are part of this broader push to promote responsible use of digital currencies in Singapore. By providing clear and detailed guidance to financial institutions, the regulator hopes to prevent illegal activities from taking place while also promoting the growth of the crypto industry.The MAS’s approach is seen as a positive development for the crypto industry, as it provides a clear framework for financial institutions to work within. This could help to boost confidence in the crypto market, potentially leading to increased investment and adoption.Striking the right balanceAt the same time, however, some industry observers have expressed concerns that overly strict regulations could stifle innovation and limit the potential of cryptocurrencies. They argue that a balance must be struck between protecting consumers and promoting innovation in the digital currency industry.Despite these concerns, the MAS’s efforts to provide guidance on crypto businesses are likely to be welcomed by financial institutions and industry participants alike. As the use of digital currencies continues to grow, it is becoming increasingly important for regulators to provide clear and comprehensive guidance on how to operate within this rapidly-evolving industry.Previous failuresSingapore hasn’t always gotten its approach to cryptocurrency right. In 2021, the MAS put global crypto exchange Binance on its investor alert list. Binance felt compelled to curb its service offering in the city state. The consequence of that action was that a disproportionate number of Singaporeans proceeded to open accounts with FTX only later to get caught up in the collapse of the exchange.The Monetary Authority of Singapore’s decision to provide guidance on crypto businesses is bullish for the digital currency industry. By providing clear and detailed guidance to financial institutions, the regulator is promoting responsible use of cryptocurrencies in Singapore while also boosting confidence in the market. However, there is a need to strike a balance between protecting consumers and promoting innovation in the industry, as overly strict regulations could stifle growth and limit the potential of cryptocurrencies.