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$3B Cryptocurrency Trader Who Still Lives With Parents: Details

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According to public documents, a 25-year-old cryptocurrency trader operated his crypto empire from the comfort of his parents’ Sydney, Australia, home in 2021, transacting approximately $2 billion (3 billion Australian dollars) worth of cryptocurrency.

Darren Nguyen, the young gun in question, has not publicly discussed the success of his modest trading company, PO Street Capital, but a Jan. 2 report in The Australian exposed it through public records.

Nguyen’s cryptocurrency business, which is registered at his parents’ home in Guildford, Sydney, generated an after-tax profit of AU$10.41 million for the fiscal year that ended on June 30, 2021, according to documents submitted to the Australian Securities and Investments Commission (ASIC).

This resulted from cryptocurrency trades for a total of $2.98 billion over the course of a year.

It was a significant increase over Nguyen’s earnings in the prior year, which came to about AU$692,182 in 2020.

The figures reveal his net profit climbed by 1,404.12% in 2021 compared to the prior year, according to the accountants for PO Street Capital.

In June 2021, PO Street Capital reportedly had AU$4.3 million in short-term contingencies and a AU$1.3 million loan company was repaying to Nguyen, but no additional debts were recorded on its books.

In addition, Nguyen received dividends from the year’s profits of AU$873,200.

Although The Australian didn’t factor in leveraged trading, which is believed to have been a major factor in the overstated trading volumes, their story implied that PO Street Capital was self-funded to execute such a high quantity of trades at AU$3 billion.

Cryptocurrency Trader’s Family Does Not Spill The Beans

The Nguyen family has remained mute regarding the cryptocurrency trading operation that Nguyen runs, and his mother has refrained from sharing any information regarding the trading activities that took place inside of her home.

Nguyen has also kept quiet about the company, including his trading methods and the results of PO Street Capital’s most recent fiscal year, which ended on June 30.

Notably, between July 1, 2020, and June 30, 2021, the price of cryptocurrencies rose dramatically, paralleling PO Street Capital’s dramatic performance improvement in 2021. For instance, according to data from CoinGecko, the value of Bitcoin and Ether each increased by 296% and 865% over that time.

It is unknown how the recent decline in the markets has affected Nguyen and PO Street Capital.

Argentina’s Banking Giant Welcomes Crypto Trading

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Argentina’s largest private bank Banco Galicia with a market cap of nearly $1.3 billion, has finally added the option to trade cryptocurrencies on its platform. As per a Monday announcement, the financial firm will allow users to buy and sell Bitcoin [BTC], Ether [ETH], USDC, and XRP.

Banco Galicia has collaborated with Lirium, a Liechtenstein-based crypto product for digital wallets and mobile banking apps.

Sources also revealed that for the time being it is offering users the ability to buy and sell crypto, but not allowing them to withdraw or send crypto, Lirium COO Martin Kopacz said, adding that the bank also offers a custody feature.

Banco Galicia plans to launch the service to all of its customers by mid-May, Kopacz noted.

Stakeholders lending support to Argentina’s biggest crypto development

In order to facilitate crypto trading and custody service, Lirium has partnered with OSL, a Hong Kong-based digital asset trading platform that began operating in Latin America last October.

Lirium is also working with four Argentinian financial institutions that plan to unveil a crypto trading service, Kopacz said, without disclosing dates. Apart from that, Lirium is working on similar integrations in Brazil and Mexico, according to Kopacz.

Reasons behind Argentina’s exponential crypto growth

In frontier markets like Argentina, cryptocurrency has skyrocketed. The nation marred by an unstable financial system and strong government intervention in the country’s economy has driven Argentines to seek solace in digital assets, according to a new report from the BBC.

The highly volatile Argentine peso, the country’s national currency, has been subjected to a range of financial controls that make the everyday citizens’ basic life essentials like buying and investing with the currency, increasingly difficult.

Amid this chaos and uncertainty, cryptocurrency has enjoyed a steady boon. Data from Chainalysis showed that Argentines earned $1.86 billion in cryptocurrency in 2021.

So far, the government has taken a relaxed attitude to the cryptocurrency boom. Recently it rolled out a so-called “innovation hub” to bolster fintech and cryptocurrency startups in a regulated manner.

The latest addition by the country’s largest bank to allow crypto is certainly a good start towards encouraging user adoption.

Here’s how crypto is aiding crisis-ridden Afghans

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Crypto is becoming a sort of lifesaver for Afghanistan‘s citizens as the economy suffered a huge setback following the Taliban’s takeover of the country last August. In an economy that is mostly dependent on cash transactions, shortages have led to the shutdown of banks and other financial institutions. On top of that, non-governmental institutions like the Western Union and SWIFT have stopped operating. Leaving afghans only with one option ie., cryptocurrencies.

According to Chainalysis’ Crypto Adoption index, Afghanistan is ranked 20th among 154 countries during the crypto boom of 2021. And in terms of peer-to-peer trade volume specifically, Afghanistan jumped to seventh place.

Ali Rahnavard, a digital asset dealer in Herat, one of the largest cities of Afghanistan in an interview pointed out the exponential increase in people trading virtual currency and that his customer base had also increased tenfold in the last year.

Mass influx of crypto donations

During the occupation, the Taliban restricted bank withdrawals in retaliation against the US sanctions. As a result, people struggle to access basic amenities. This received significant social media attention, with donations from NGOs and other organizations started pouring in.

However, due to Taliban restrictions, getting access to these funds was difficult. This is when NGOs started turning to donations in digital currency. Fereshteh Forough, founder of ‘Code to Inspire’, an NGO that taught Afghan women how to code, begin sending virtual currency to the academy’s graduates.

How Afghans evaded authorities using crypto?

Refusing to bow down, some of its citizens used Virtual Private Networks [VPNs] to hide their geographical location and IP address. But its problems didn’t end here.

Last year, Binance announced that it would cease SWIFT Bank transfers for user accounts in Afghanistan. This made it difficult for Afghans to withdraw or deposit digital assets from the exchange. To navigate around this restriction, crypto dealers started cropping up, accepting the local currency and US dollars, exchanging them for crypto.

The dealer would contact someone abroad to send these assets to his wallet and use the local Hawala system to deposit the same amount in the sender’s bank account. The supplier would then ask for the customer’s wallet address and send the crypto to them, mostly Tether.

Bulgarian stock exchange enables crypto trading with 8 crypto ETNs

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The Bulgarian Stock Exchange (BSE) has begun trading in cryptocurrency instruments based on and monitoring the values of Bitcoin and Ethereum. Investors seeking novel crypto products may now freely trade in eight crypto exchange-traded notes (ETNs), providing a viable alternative to standard cryptocurrencies for the first time in the nation. BSE joins prominent European exchanges like Deutsche Borse and Euronext in offering the new products, which were first traded two years ago.

Giant leap of faith by Bulgarian stock exchange

“With the new products of BSE International, we meet the increased market interest in crypto instruments. We are pleased to be able today to offer an alternative asset for trading in cryptocurrencies, making the process easier and simpler for all interested investors.”

Investors do not have to create their own crypto wallets or cryptographic keys with BSE International crypto ETNs, and they have assurances that the instruments they pick are systematically regulated and regulatory compliance, said Assoc. Prof. Dr. Manyu Moravenov, executive director of BSE.

BSE maintains its long-term relationship with Deutsche Borse and market maker Tradegate AG with the launch of the new crypto ETNs, which will assure the instruments’ liquidity.

Bulgaria’s crypto past

The Balkan country, which has been a member of the European Union since 2007, is not one of the most well-known cryptocurrency players. Local investors do not require a license to participate in the asset class, and the laws in the business are pretty straightforward. On the other hand, Bitcoin and altcoins are taxed in the same way that any additional profit from the sale of financial assets is.

However, a comprehensive investigation reveals that Bulgaria and cryptocurrency have had a tumultuous relationship in the past. According to multiple sources from 2017, local police seized 213,519 BTC from unlicensed miners during a monetary crime operation. The report was confirmed by “Balkan Interpol”; however, Chief Public Prosecutor Ivan Geshev rejected the seizure at the time.

Surprisingly, this issue has been brushed under the rug in recent years. On the other hand, the newly appointed government called it into doubt. MP Ivaylo Marchev sought comprehensive information regarding the seizure and the location of the possessions from Minister of Internal Affairs Boiko Rashkov earlier this year. That request has yet to get a response from the latter.

Hungary’s central bank governor Matolcsy wants to ban crypto trading and mining in the EU

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The Governor of the Hungarian National Bank, György Matolcsy, has advocated a European Union-wide ban on all cryptocurrency trading and mining operations.

Governor Matolcsy referenced China’s recent crypto prohibition in a blog post titled “Time has come to ban crypto trading and mining in the EU,” published by the Hungarian central bank, a.k.a. Magyar Nemzeti Bank (MNB).

He also mentioned the Russian central bank’s plan, which calls for a complete ban on cryptocurrency trade and mining within Russia. But recently, Russia switched from its decision to impose the ban. He said, “I perfectly agree with the proposal and also support the senior EU financial regulator’s point that the EU should ban the mining method used to produce most new bitcoin.”

Matolcsy showers his opinion about crypto

Matolcsy mentioned the most argued opinion that “It is clear-cut that cryptocurrencies could service illegal activities and tend to build up financial pyramids. Russia’s central bank is right saying that “the breakneck growth and market value of cryptocurrencies are defined primarily by speculative demand for future growth, which creates bubbles.”

Matolcsy urged that the EU should act together in order to preempt the building up of new financial pyramids and financial bubbles. He also added that EU citizens and companies would be allowed to own cryptocurrencies abroad, and regulators would track their holdings.

Satoshi standing tall in Budapest

On September 17, 2021, an enormous bronze monument honoring the unknown founder of the Bitcoin digital currency was revealed in Budapest, Hungary’s capital. Its makers claim it is the first of its kind in the world.

The figure rests on a stone pedestal etched with the name Satoshi Nakamoto, the alias of the enigmatic Bitcoin innovator whose actual identity is unknown. It was erected in a business park near the Danube River in Budapest.

Andras Gyorfi, a Bitcoin journalist and the project’s originator, described Satoshi as “the founding father of the whole cryptocurrency sector.” “He’s the god of our market since he invented Bitcoin and blockchain technology.”

The bust’s featureless face is extensively polished to make it reflective like a mirror in which onlookers may see themselves, and it’s wrapped in a golden hoodie branded with the Bitcoin emblem.

Shiba Inu bags a spot on NiceHash

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Shiba Inu is now being listed on yet another crypto trading platform, NiceHash.

Despite all the pickle that the $SHIB has been through over the past few weeks, many podiums seem to be listing the altcoin on their websites. The previous week, Spain’s largest crypto exchange listed the meme-coin. As for Bitstamp, they have assured the users that the Dogecoin-killer will be listed in 2022 without fail. Now, yet another platform has given the SHIB users hope by listing the asset on their website.

Shiba Inu to have a Merry Christmas indeed

The British Virgin Islands-based company NiceHash had hosted a Twitter poll on 21 December 2021 asking its followers to pick a coin of their choice.

As a result, NiceHash took to Twitter to announce their listing of Shiba Inu in the form of wishing A Merry Christmas to many SHIB related twitter profiles such as the ShibArmy, ShibInformer, Shibtoken, ShibInfo, ShibaSwapDEX, ShibInform, and ShibReports. To which the ShibArmy replied saying that #Shib is the Future.

NiceHash is a worldwide cryptocurrency hash power broker and cryptocurrency exchange that was launched in 2014. This company was founded by two sSlovenianuniversity students, Marko Kobal and Matjaz Skorjanc.

NiceHash is an open market that connects various miners with buyers of capacity using the sharing economy approach. Its users are fundamentally video gamers with prevailing GPU graphic cards that befit Cryptocurrency mining. The company has over 2.5 million users in 190 countries globally, according to aesearch in November 2021.

The company believes in the world of sharing economy and decentralization that has led them to create massive tools and platforms for cryptocurrency miners and traders. NiceHash serves as a grit network by indirectly providing new coin creation and transaction validation on several different blockchains.

NiceHash has come a long way in a short period, it is also known to be used by buyers of hash power. With the enlisting of Shiba Inu on their exchange platform, the company seems to be gaining more users.

Have Crypto Traders adopted the art of avoiding panic sell?

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The massive bloodbath in the crypto market saw major assets such as Bitcoin [BTC] and Ethereum [ETH] succumbing to severe selling pressure. As a matter of fact, the king coin suffered a drastic fall of 18% in a span of just 10 hours on Saturday morning. However, the asset posted a recovery of 10% in the last 24 hours and is currently trading at $49,404 still 27% short of its previous peak.

In contrast to that, lesser-known altcoins like Terra [LUNA], Gaming platform Gala [GALA], distributed ledger protocol Quant [QNT], etc have outperformed the top currencies in a significant manner during the meltdown in the broader market. This raises the question- if the investors have mastered the art of maneuvering the massive panic sell-offs as cryptocurrencies are notorious for their volatility. A similar observation was echoed by on-chain analysis platform, Santiment in their tweet

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Have Crypto Traders adopted the art of avoiding panic sell? 2

Here’s how Crypto Investors avoiding the panic sell-offs

That being said, seasoned Analyst and founder of Cinneamhain Ventures [CENV] Adam Cochran held a detailed discussion on the possible scenarios following the big price correction. According to the analyst, investors are ‘less market-driven and more about human behavior’. In a series of tweets, Cochran went on to mention that after the sell-off, preservation instinct kicks in as investors are left with less capital and fewer choices.

This leads to overselling pressure that catches ‘overleveraged bulls’ off guard, spurring liquidations, and pulling them down more. Next, the expert spoke about the recency bias where the people’s frame of reference for crypto is shaped by a recent experience. The author cited the example of Ethereum which sits above $4k from a mere $700 a year ago. ‘But people are bear market doom posting,’ he says.

In addition to that, Cochran also mentions the survivor bias– which comprises those investors who go on a selling spree leading to more drawdown in the market. Summing up, the analyst stated,

“The key takeaways: 1) The market can move lower off of this and still be bullish. 2) The market likely will at least try another low so don’t use stupid leverage. “

Bitcoin holds above $60k, the king of crypto to turn bullish soon?

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After making a new all-time high (ATH) this month, Bitcoin (BTC) hasn’t been able to recover and has found support at the $60.6k price level. With the approval of BITO ETF, the first Bitcoin futures ETF, Bitcoin turned bullish but fell down to $58k due to liquidations.

While a Bitcoin ETF is yet to be approved, we have a lot of activity going on in the direction of futures ETF. With a 24-hour trading volume of $33.5 billion, and market dominance of 44.11%, Bitcoin’s market cap fell by 1.24%, to $1.14 trillion.

The current monthly candle is up by more than 38%, with a monthly high of $67k. The lowest price for the BTC/USD in the last 30 days rests at $47,045, with the highest at $67k. The circulating supply of the token rests at 18,859,725 BTC.

Bitcoin price analysis on the daily chart using technical indicators

The technical indicators on the daily chart suggest a sideways scenario for the short term, with the price action being above the 50-day and 100-day Moving Averages. This turns the long-term momentum bullish.

The price action rests in the upper region of the Bollinger Band, which means that a breakout is imminent. Furthermore, the Bands are narrowing down, which means that volatility might follow soon.

Bitcoin price analysis
BTC price analysis on the daily chart by tradingview

The BTC price analysis using the RSI indicators shows that the BTC/USD pair is above the 50-level, i.e., the buying pressure is still higher than the selling pressure. However, the gradient is turning negative, indicating a surge in selling pressure.

The MACD indicator shows that the signal line is above the MACD line (blue line), and a few days earlier, we witnessed a bearish crossover. The histogram has turned red, and it seems that we might see lower price levels.

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BTC price analysis on the daily chart by tradingview

Final Verdict

The BTC price analysis can be concluded on a bearish note for the day, with possibilities of new all-time highs by the end of the year. Analysts claim that Bitcoin will reach 100k by the end of 2021, and with the approval of a Bitcoin wallet, we might see higher prices.

The Graph Breaks Resistance At $0.9458, Sets New Monthly High

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The Graph token has proved to be a great investment for this month, rising by more than 64% this month. If the current trend continues, we can see a new all-time high by the next month. We saw the token create a new monthly high at $1.0727.

The data from CoinMarketCap shows that the trading volume of the token rose by 223.38% in the last 24-hours with a 16.43% surge in the market capitalization. The performance of The Graph token has been bullish since the past few days, with a 30-day low of $0.6201 and 30-day high made today at $1.07.

Following the trend of Bitcoin, the majority of altcoins have been bullish with Solana almost reaching a new all-time high.

The Graph price analysis on the daily chart using technical indicators

The technical indicators suggest that The Graph token will remain bullish in the short term as the price action has breached the upper end of the Bollinger Bands.

Furthermore, the price action is progressing above the 50-day and 100-day Moving Averages, suggesting that these levels will act as support in the near term.

The Graph price analysis
The Graph price analysis on the daily chart by TradingView

The RSI indicator shows that The Graph token has entered the overbought zone, i.e., the line has entered the region above the 60-level.

The price levels have surged after the MACD indicator witnessed a bullish crossover, wherein the MACD (blue) line crossed over the signal (orange) line. The histogram is now filled with green bars, i.e., the buying pressure has defeated the selling pressure.

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The Graph price analysis on the daily chart by TradingView

Final Verdict

The GRT token has been bearish in the past 24 hours, making a high of $1.07 and a low of $0.8768. Therefore, the conclusion for today’s analysis is on a bullish note, with higher prices possible in the short term.

Chainlink breaks resistance at $26.74, what to expect?

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Chainlink price has been down by 3.10% in the last 24-hours, attaining a daily high at $31.37. After breaking the price resistance at $26.74, the LINK/USDT price has turned bearish.

According to CoinMarketCap’s data, the prices will continue to be bearish in the short term as the trading volume dropped down by 26.24%, currently at $1.13 billion.

The price movement has been bullish for the month of October, rising by more than 24.38%. The previous daily candle opened at $28.68 and closed at $31.36, attaining a high price of $31.46.

It is a general trend of the market to follow Bitcoin, the king of the cryptocurrencies. The price of Bitcoin reached an ATH at $65k and analysts are bullish BTC as well as the entire crypto market.

Chainlink price analysis on the daily chart

The daily chart shows that the price action broke out from the upper end of the Bollinger Bands, breaking the price barrier at $26.74 on the daily chart.

The price movement is above the 50-day and 100-day Moving Averages, indicating a bullish analysis on the chart. With the selling pressure increasing today, these price levels will be acting as support levels in the short term.

Chainlink price analysis
Chainlink price analysis on the chart by TradingView

The RSI indicator shows that the MACD line crossed above the signal line, which is technically called a bullish divergence. This caused the price action to turn bullish with a green histogram.

The RSI indicator is progressing with a negative gradient, i.e., the selling pressure is dominating. If this scenario persists, we can expect lower prices in the short term.

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Chainlink price analysis on the chart by TradingView

Final Verdict

The final verdict for the Chainlink analysis is bearish for today, but this oracle project is definitely worth investing in in the long term. With plenty of tokens in the market, you can surely look at our market analysis.