Dear Teroxx Community,
This week we saw a market of digital assets, which suffered minor downturns in line with the global financial markets.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Digital Asset News
While FTX customers around the world wait for the legal proceedings surrounding FTX and Sam Bankman-Fried to end, users of FTX Japan can already withdraw all their money.
On Nov. 7, 2022, crypto exchange FTX and its subsidiaries suspended withdrawals after Binance CEO Changpeng Zhao announced the exchange would suspend its FTX token sell. As part of the domino effect, Liquid Group, a Japanese crypto trading platform that acquired FTX in February 2022, had to suspend withdrawals on November 15, 2022.
However, to the delight of some investors, FTX Japan has now resumed payouts Feb. 21. In the process, funds must be transferred from the insolvent exchange to a Liquid Japan account. A day after withdrawals resumed, FTX Japan reported that the equivalent of about $50 million had been withdrawn.
Comments from the community said “Congratulations on making it out of there!!! !”, however many others are still waiting to get their money back. Delays are to be expected in the repayment process because a large number of users were affected by FTX’s collapse.
The PCE index raises fears that inflation is not over yet, which is why fears of further interest rate hikes are creating new headwinds on Bitcoin & Co. After all, the reaction to the new U.S. Personal Consumption Expenditures (PCE) Index was relatively muted, with it actually coming in at 4.7% instead of the forecast of 4.3%. This suggests that inflation is probably not finally on the decline after all.
Analyst Tedtalksmacro assumes that this circumstance will cause the U.S. Federal Reserve to consider a slightly larger rate hike at its next meeting after all, which in turn could be detrimental to risky investment products like cryptocurrencies.
“And there goes the speculation about a 50 basis point hike in March again,” as the expert feared on Twitter.
Cointelegraph expert Michaël van de Poppe nevertheless remains optimistic about further price developments, at least in the short term. Meanwhile, the U.S. stock market reacted much more sharply to the new PCE figures, with the S&P 500 and Nasdaq Composite Index down 1.4% and 1.7%, respectively.
The U.S. dollar index (DXY), on the other hand, was able to benefit and climb to 105.3 points, the highest level since January 6.
A court in Colombia recently held a trial in the Metaverse for the first time. The judge commented that it felt “more real than a video call,” according to a recent report.
According to a Feb. 24 Reuters report, the Colombian Administrative Court in Magdalena held a court trial in the Metaverse on Feb. 15 involving a traffic offense.
The trial of the case lasted two hours. A regional transport association filed a lawsuit against the police in the process, and the case will continue to be heard “in part” in the Metaverse. The verdict could also come in the metaverse. The participants appeared as avatars in the virtual courtroom. Judge Maria Quinones was dressed in a black robe.
Technical term of the week
AI: Artificial intelligence is currently a strong trend in the investment markets. In the area of digital assets, these offer potential for a new industry sector and thus for a development of the industry.
Digital Asset Markt
Bullish outlook: Support formation and overcoming interest rate fears could provide for a retest of resistance at ~$25,000.
Bearish outlook: A negative market week could see markets fall towards the support zone at ~$22,000.