Ramp expands presence in US with FinCEN regulation

Last August, Ramp became one of only eight crypto firms to secure approval from U.K.’s Financial Conduct Authority.

On Tuesday, crypto-fiat gateway payments platform Ramp announced that its U.S. subsidiary Ramp Swaps LLC hadreceived its registration as a Money Service Business with the Department of Treasury’s Financial Crimes Enforcement Network. The regulatory greenlight enables Ramp to do business in 38 states across the U.S. Besides the development, Ramp also has regulatory clearance with the U.K.’s Financial Conduct Authority and Poland’s Financial Supervision Authority.

Ramp allows users to buy crypto directly in their wallets and decentralized applications, or dApps. Last year, the company grew its transaction volume by approximately 30x. It has partnerships with over 400 blockchain entities worldwide, including Axie Infinity, Mozilla, Opera Browser, Aave, Trust Wallet, and is the exclusive on-ramping partner for fantasy nonfungible tokens football (soccer) game Sorare.

The year prior, Ramp raised $52.7 million in a Series A funding round led by Balderton Capital, NFX, Galaxy Digital, Seedcamp, Firstminute Capital, and angel investors. The firm claims that it takes mere hours for developers to integrate their dApps with Ramp software, allowing users to convert their fiat money into crypto and begin their virtual experience.

Szymon Sypniewicz, CEO and co-founder at Ramp Group, issued the following statement regarding the development: 

Our view has always been that, to lead in this market, on-ramp providers must earn the trust of their partners and users. So we have taken every measure to meet, if not exceed, the relevant legal and financial standards that apply to us, no matter how stringent.

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Was $39,650 the bottom? Bitcoin bulls and bears debate the future of BTC price

BTC bulls seem to believe the bounce off $39,650 marked the bottom, but bears warn that a looming death cross on the daily chart is a sign of further downside.

Bitcoin price made a quick pop above $43,100 in the U.S. trading session but uncertainty is still the dominant sentiment among traders on Jan. 11 and bulls and bears are split on whether this week’s drop to $39,650 was BTC‘s bottom. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) has traded tightly around the $42,000 level as the global financial markets digested U.S. Federal Reserve Chair Jerome Powell’s statements on the upcoming fiscal policy changes.

BTC/USDT 1-day chart. Source: TradingView

Powell indicated that the central bank is prepared to “raise interest rates more over time” if inflation continues to persist at high levels, but analysts were quick to note further comments suggesting that a low interest environment could persist for some time.

It’s possible that traders may have interpreted these comments positively and while it is not possible to connect Powell’s comments to direct price movements, BTC did manage a quick surge above $43,000.

Powell said, 

“It is really time for us to move away from those emergency pandemic settings to a more normal level. It’s a long road to normal from where we are.”

Here’s a look at the ongoing debate on whether the crypto market is positioned to head higher in the coming days.

Bulls call the bottom

The crypto market is well known for its volatility and history of extensive drawdowns after new all-time highs have been established, a characteristic highlighted by pseudonymous Twitter user ‘ChrisBTCbull’.

Cryptocurrency drawdown percentage from 2021 highs. Source: Twitter

This across-the-board drawdown saw BTC fall by nearly 40%, while Dogecoin (DOGE) is down 79% from its highs, but according to bullish analysts, recent technical developments suggest that the market has reached a bottom.

According to crypto analyst and Twitter user Will Clemente III, Bitcoin is “entering the Buy Zone on Dormancy Flow” as highlighted on the following Bitcoin entity adjusted dormancy flow chart, which “essentially compares price to spending behavior.”

Bitcoin entity-adjusted dormancy flow. Source: Twitter

Clemente said,

“This bottoming signal has only flashed 5 times before in Bitcoin’s history.”

Related: Bitcoin price surges to $43K, but traders warn that ‘real pain’ is due for altcoins

A Death Cross looms

Despite today’s spike to $43,100, many analysts are pessimistic about Bitcoin’s short term prospects and caution that a potential “death cross” on the the daily chart has historically been a strong bearish indicator.

As shown below, the 50-day moving average for is perilously close to falling below the 200-day moving average, a convergence which in the past resulted in sharp price declines.

BTC/USD 1-day chart. Source: Twitter

Bitcoin Archive said,

“Bitcoin is approaching the “Death Cross.” The last time this happened in June the price dropped 20% more over 31 days. That would take us down to $34K by the 9th of Feb if this repeated.”

As for the altcoin market, the recent price weakness in the USD and BTC pairs was addressed by analyst and pseudonymous Twitter user ‘Pentoshi’, who posted the following tweet suggesting a more bearish performance in the near term for alts.

For the time being, traders appear content to play the waiting game to see if the crypto market reverses course of stays range-bound for the foreseeable future.

The overall cryptocurrency market cap now stands at $1.998 trillion and Bitcoin’s dominance rate is 40.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitcoin & cryptocurrency news

Binance partners CAF, sponsors AFCON

In a bid to further bolster its popularity and boost crypto adoption in Africa, Binance, the largest crypto exchange by trading volume, will be one of the sponsors of the TotalEnergies African Cup of Nations tournament being held in Cameroon.  Binance sponsors AFCON 2021 The crypto exchange made this announcement yesterday, where it revealed that […]

The post Binance partners CAF, sponsors AFCON appeared first on CryptoSlate.

Key on-chain metric shows Bitcoin miners in ‘massive’ BTC accumulation mode

Data shows lost and held Bitcoin hitting a one-year high, while miners opened the year by accumulating “massive” amounts of BTC.

New data shows that Bitcoin (BTC) miners are hoarding more coins than at any time in the past five months, which could be a fresh signal that the current prices are not for selling.

Analyzing its miner net position change indicator on Jan. 11, on-chain analytics firm Glassnode revealed what popular Twitter account Bitcoin Archive described as “massive” accumulation by miners.

Miners show no desire to sell

Bitcoin price may be disappointing spot traders this year, but long-time market participants are anything but concerned.

In addition to strong hands or seasoned hodlers, miners are now no exception, increasing their BTC holdings considerably in the first two weeks of 2022.

Bitcoin miner net position change annotated chart. Source: Bitcoin Archive/ Twitter

The past five days have each seen more than 5,000 BTC per day land on miners’ books, with accumulation in fact ongoing since before November’s $69,000 all-time highs.

Further data from fellow on-chain analytics service CryptoQuant spotlighted the extent to which miners have regained their BTC real estate since May’s China upheaval.

Total BTC reserves were 1.859 million BTC as of Monday, the most since a marked reduction at the end of 2020 after BTC/USD passed its previous all-time highs from 2017.

Bitcoin miner reserve chart. Source: CryptoQuant

Hodling the hardest since last January

Returning to strong hands, the proportion of the Bitcoin supply deemed either lost or ferreted away by long-term investors hit a one-year high this week.

Related: Bitcoin batters longs as liquidations copy May 2021 run to $30,000

Underscoring the conviction of hodlers, 7.27 million BTC is now off the market — possibly forever.

The metric also saw a bottom over the summer thanks to the price disruption wrought by China’s ban on mining.

By contrast, Glassnode shows, an accumulation trend has been accelerating since $69,000.

Bitcoin lost or hodled coins chart. Source: Glassnode

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