Adrian Orr, the governor of the Reserve Bank of New Zealand (RBNZ), has expressed strong criticism of stablecoins, labeling them as "the biggest misnomers" and "oxymorons." During a parliamentary finance committee meeting on Feb. 12, Orr dismissed stablecoins as unreliable substitutes for fiat currency, asserting that they are not truly stable.

Stablecoins Under Scrutiny

In response to a question regarding the RBNZ's stance on decentralized digital currencies and stablecoins, Orr conveyed the central bank's significant concerns. He emphasized that stablecoins, despite their name, lack stability and are not a viable alternative to traditional fiat money.

Bitcoin's Role Questioned

Orr also questioned Bitcoin's suitability as a medium of exchange, store of value, or unit of account, arguing that it falls short on all these fronts. He highlighted the discrepancy between Bitcoin's intended functions and its actual utility in practice.

Transparency and Regulatory Push

Asserting the need for transparency, Orr underscored the speculative nature of cryptocurrencies and emphasized that they do not serve as legitimate currencies or central bank-backed assets. He cited the regulatory efforts of jurisdictions like the United Kingdom, which are taking decisive action on stablecoin regulation.

New Zealand's Regulatory Approach

While New Zealand has been cautious about hasty crypto regulation, Orr's remarks signal a growing scrutiny of stablecoins and other digital assets. The country is exploring the potential for a central bank digital currency (CBDC) and weighing the costs and benefits of different design options.

Conclusion

Adrian Orr's criticism underscores the challenges and uncertainties surrounding stablecoins and cryptocurrencies in the eyes of regulators. As regulatory scrutiny intensifies globally, the debate over the role of stablecoins and their regulation is likely to continue, shaping the future landscape of the digital asset industry.

New Zealand Central Bank Governor Criticizes Stablecoins as "The Biggest Misnomers"

Key Takeaways:

Japan remains cautious about adding Bitcoin to its national reserves due to volatility and legal hurdles.

Luxury brands like Gucci and Balenciaga are increasingly accepting Bitcoin as payment.

Japan is exploring stablecoins as a safer way to embrace cryptocurrency.

This article explores why Japan remains cautious about adopting Bitcoin as part of its national reserves. It examines the factors behind the government’s stance and the potential implications. We also look at luxury brands embracing cryptocurrency and Japan’s concerns over recent exchange rate volatility.

Japan’s Cautious Stance on Bitcoin

The Japanese government has been clear about its cautious approach to Bitcoin. While some suggest Japan should follow countries like the U.S., concerns about volatility and current foreign exchange regulations dominate its position.

Reluctance from the Prime Minister

Prime Minister Shigeru Ishiba has expressed uncertainty about including Bitcoin in national reserves. He stated the government lacks enough information about other countries’ actions.

Prime Minister Shigeru Ishiba

For instance, when asked if Japan should emulate the U.S. by converting part of its reserves into crypto assets, Ishiba admitted he wasn’t aware of global trends in this area.

Reasons Behind Japan’s Hesitation

Bitcoin Is Not Foreign Currency

Japan’s laws do not classify Bitcoin or other cryptocurrencies as foreign currency. This makes adding Bitcoin to reserves legally complex.

High Volatility

The government prioritizes safety and liquidity for national reserves. Bitcoin’s high volatility doesn’t align with this strategy.

It’s understandable. A volatile asset like Bitcoin doesn’t meet the stability criteria needed for national reserves.

Waiting on Other Nations

Japan prefers observing how other nations handle Bitcoin before making decisions.

For example, Senator Satoshi Hamada proposed that Japan should follow the U.S. in accumulating Bitcoin. However, Ishiba responded that Japan lacks sufficient information about such moves.

Stablecoin Development as an Alternative

While Bitcoin inclusion is off the table, Japan is exploring stablecoins. Ripple CEO Brad Garlinghouse recently highlighted the potential for a Yen-backed stablecoin.

Developing stablecoins could be a safer way for Japan to explore cryptocurrency without compromising financial stability.

More News: FSOC urges Congress to pass stablecoin legislation to stabilize global finance

Luxury Brands Embrace Bitcoin

As nations deliberate on Bitcoin reserves, luxury brands are increasingly accepting Bitcoin as payment.

For instance, Gucci, Balenciaga, and Hublot now accept cryptocurrency. In France, the Printemps shopping center partnered with Binance and Lyzi to enable payments in Bitcoin and Ethereum.

Why Luxury Brands Are Turning to Bitcoin

Reaching New Customers: Crypto wealth has created a new demographic of affluent consumers. Modern Image: Accepting Bitcoin signals innovation and modernity. Boosting Sales: When Bitcoin’s value rises, many holders use it to diversify by buying luxury goods.

Challenges for Retailers

Despite the benefits, accepting Bitcoin has challenges:

Price Volatility: Retailers often convert crypto to fiat to avoid risks.

Adoption Rates: Crypto payments are less common than traditional options like PayPal or Venmo.

Comparing National Approaches to Bitcoin

Different countries have taken varying stances on Bitcoin:

Why Japan is Not Ready to Include Bitcoin in Its National Reserves

A widely followed cryptocurrency analyst and trader is leaning bullish on XRP.

The analyst pseudonymously known as CredibleCrypto tells his 450,200 followers on the social media platform X that paired against Bitcoin (BTC), XRP “looks absolutely fantastic.”

The trader says he plans to enter a long position in the coming days.

Based on the analyst’s chart on the one-hour time frame, it appears he is suggesting that XRP could first trend downwards before skyrocketing by at least 65%.

It also appears that the analyst believes XRP has formed an inverse head-and-shoulders pattern in the same time frame. An inverse head-and-shoulders pattern is considered a bullish signal in technical analysis.

“Still the most bullish-looking chart in the entire space off the lows in my opinion. Just a powder keg building pressure…”

XRP is trading at 0.00002323 BTC ($2.28) at time of writing.

Next up is Ethereum (ETH). CredibleCrypto says that ETH is likely to trade in a range of between $3,000 and $3,800 before bottoming out at around $2,800.

Based on the pseudonymous analyst’s chart on the 12-hour time frame, he suggests Ethereum could then rally to a new all-time high above $6,000.

Ethereum is trading at $3,492 at time of writing.

Turning to the Ethereum/Bitcoin pair, the widely followed analyst says he is still targeting Ethereum to drop to around the 0.02700 BTC to 0.02800 BTC level before he can enter a long position. According to CredibleCrypto, ETH/BTC is now “grinding back down” after initially rallying.

“Would be an absolutely epic entry if we get it that will probably mark this cycles pico bottom on ETH/BTC as well.”

ETH is trading at 0.03542 BTC at time of writing.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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XRP Has Most Bullish-Looking Chart in Entire Crypto Space, According to Analyst – Here’s Why

Just when you thought the year-end couldn't get any more intriguing, a significant options expiry is set to shake things up in this highly levered-up market.

Options are derivative contracts that give the purchaser the right to buy or sell the underlying asset at a preset price at a later date. A call gives the right to buy, and a put confers the right to sell.

On Friday at 8:00 UTC, 146,000 bitcoin options contracts, valued at nearly $14 billion and sized at one BTC each, will expire on the crypto exchange Deribit. The notional amount represents 44% of the total open interest for all BTC options across different maturities, marking the largest expiry event ever on Deribit.

ETH options worth $3.84 billion will expire as well. ETH has dropped nearly 12% to $3,400 since the Fed meeting. Deribit accounts for over 80% of the global crypto options market.

Significant OI to expire ITM

As of writing, Friday's settlement looked set to see $4 billion worth of BTC options, representing 28% of the total open interest of $14 billion, expire "in the money (ITM)," generating a profit for buyers. These positions may be squared off or rolled over (shifted) to the next expiry, potentially causing market volatility.

"I suspect a fair bit of open interest in BTC and ETH will be rolled into Jan. 31 and Mar. 28 expiries as the nearest liquidity anchors at the start of the new year," Simranjeet Singh, portfolio manager and trader, at GSR said.

It should also be noted that the put-call open interest ratio for Friday's expiry is 0.69, meaning seven put options are open for every 10 calls outstanding. A relatively higher open interest in calls, which provides an asymmetric upside to the buyer, indicates that leverage is skewed to the upside.

The issue, however, is that BTC's bullish momentum has run out of steam since last Wednesday's Fed decision, where Chairman Jerome Powell ruled out potential Fed purchases of the cryptocurrency while signaling fewer rate cuts for 2025.

BTC has since dropped over 10% to $95,000, according to CoinDesk indices data.

This means that traders with leveraged bullish bets are at risk of magnified losses. If they decide to throw in the towel and exit their positions, it could lead to more volatility.

"The previously dominant bullish momentum has stalled, leaving the market highly leveraged to the upside. This positioning increases the risk of a rapid snowball effect if a significant downside move occurs," Deribit's Chief Executive Officer Luuk Strijers told CoinDesk.

"All eyes are on this expiry, as it has the potential to shape the narrative heading into the new year," Strijers added.

Directional uncertainty lingers

Key options-based metrics show there’s a noticeable lack of clarity in the market regarding potential price movements as the record expiry nears.

"The much-anticipated annual expiry is poised to conclude a remarkable year for the bulls. However, directional uncertainty lingers, highlighted by heightened volatility of volatility (vol-of-vol)," Strijers said.

The volatility of volatility (vol-of-vol) is a measure of fluctuations in the volatility of an asset. In other words, it measures how much the volatility or the degree of price turbulence in the asset itself fluctuates. If an asset's volatility changes significantly over time, it has a high vol-of-vol.

A high vol-of-vol typically means increased sensitivity to news and economic data, leading to rapid changes in asset prices, necessitating aggressive position adjustment and hedging.

Market more bearish on ETH

How options due for expiry are currently priced reveals a more bearish outlook for ETH relative to BTC.

"Comparing the vol smiles of the [Friday's] expiration between today and yesterday, we see that BTC’s smile is almost unmoved, while ETH's implied vol of calls has dropped significantly," Andrew Melville, research analyst at Block Scholes.

A volatility smile is a graphical representation of the implied volatility of options with the same expiration date but different strike prices. The drop in implied volatility for ETH calls means decreased demand for bullish bets, indicating a subdued outlook for Ethereum's native token.

That's also evident from the options skew, which measures how much investors are willing to pay for calls offering an asymmetric upside potential versus puts.

"After more than a week of poorer spot performance, ETH’s put-call skew ratio is more strongly bearish (2.06% in favour of puts compared to a more neutral 1.64% towards calls for BTC)," Melville noted.

Overall, end-of-year positioning reflects a moderately less bullish picture than we saw going into December, but even more starkly for ETH than BTC," Melville added.

What Does Nearly $14B in Expiring Options Mean for Bitcoin?

Economist Henrik Zeberg is turning bullish on one Ethereum (ETH) rival while predicting a broader altcoin market breakout.

Zeberg tells his 171,400 followers on the social media platform X that Solana (SOL) may be about to surge after a retracement.

The analyst uses the Elliott Wave theory to forecast a massive run for Solana. The theory states that an asset tends to witness a five-wave rally with wave three being the longest and the strongest move up.

“Altseason has begun and is now about to move into its most explosive phase. Solana has been leading after a strong wave two pullback. It should now begin its most powerful move up towards its final target.”

Solana is trading at $196 at time of writing, down 5.5% in the last seven days.

Zeberg also believes altcoins will now start outperforming Bitcoin (BTC) during this phase of the market cycle.

“Wave three in alts now beginning. Hold on!”

The analyst predicts Bitcoin will head higher in the short term as 2025 kicks off.

“BTC update! Just touched down on daily 50-day simple moving average. Still see this as a potential wave two in a rising wedge. It is my working hypothesis. We should see a nice rally into early January!”

Bitcoin is trading for $98,871 at time of writing, flat on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Explosive Altcoin Season Incoming, Says Economist Henrik Zeberg, With Ethereum Rival Solana Headed for ‘Final Target’

A closely followed crypto analyst believes top memecoin Dogecoin (DOGE) is gearing up to unleash another parabolic rally.

Crypto strategist Ali Martinez tells his 103,200 followers on the social media platform X that Dogecoin may be following in the footsteps of its 2017 and 2021 market cycles when the memecoin ignited a meteoric ascent after witnessing a severe correction.

“In 2017, when Dogecoin began a parabolic run, it surged 212%, retraced 40%, then rallied 5,000%. In 2021, it went up 476%, retraced 56%, then skyrocketed 12,000%.

Now, in 2024, DOGE is up 440% and has retraced by 46%. If history repeats, another parabolic rally is on the way!”

Looking at the trader’s chart, it seems that he predicts Dogecoin will soar above $1 if his parabolic rally materializes.

Zooming in, Martinez says DOGE is flashing a bullish signal on the daily chart based on the Tom DeMark (TD) Sequential Indicator. Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.

“The TD Sequential presents a buy signal on the Dogecoin DOGE daily chart, anticipating a price rebound!”

At time of writing, DOGE is worth $0.32.

Turning to Bitcoin (BTC), the trader says that the crypto king may be mirroring its early 2024 price action when it breached an immediate support level before triggering new rallies.

“Throw it back! Bitcoin BTC.”

Based on the trader’s chart, he seems to predict that Bitcoin will briefly dip below $90,000 if it follows the early 2024 pattern. At time of writing, Bitcoin is worth $94,133.

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Another Parabolic Rally on the Way for Dogecoin if History Repeats, Says Crypto Strategist – Here’s His Outlook

A whale has been spotted aggressively accumulating LINK, the native token of the decentralized oracle network Chainlink, according to blockchain tracking firm Lookonchain.

Lookonchain reports that a whale suddenly created 30 new wallets to accumulate $34.1 million worth of LINK tokens from Binance.

“Suspicious LINK accumulation spotted!

Over the past 5 days, 30 newly created wallets have withdrawn 1.37M LINK ($34.1M) from Binance.”

At time of writing, Chainlink is trading at $24.04, up 34% in the last month.

Earlier this week, Chainlink released Smart Value Recapture (SVR), a solution aiming to allow DeFi solutions to recapture non-toxic Maximal Extractable Value (MEV) from the leading oracle’s price feeds.

“Based on real-world testing, we believe Chainlink SVR can expect to achieve a realistic value recapture rate of approximately 40% (i.e., for every $100 that would have been leaked via liquidation MEV, $40 was recaptured). While some alternative solutions have claimed to achieve a higher efficiency rate for recapturing liquidation MEV, we have not seen conclusive real-world data to showcase this. We believe that 40% is a conservative but realistic estimate—real life performance will be needed to gather actual data.”

On the same day as the announcement from Chainlink, Aave, the biggest lending platform in crypto, proposed using SVR.

Specifically, the proposal was about activating a pilot program of SVR oracles on Aave v3 to recapture MEV from the platform’s liquidations to return its own ecosystem. The proposal is currently awaiting questions and feedback from the community.

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Whale Launches ‘Suspicious’ LINK Accumulation Spree on Binance As Chainlink Releases New DeFi Solution

The United States and South Korea are reportedly partnering in a joint research initiative aimed at strengthening protections against the theft of crypto assets.

According to a report by the Yonhap News Agency, the U.S. Department of Homeland Security and the government of South Korea signed an agreement to jointly develop technologies aimed at curbing attacks on crypto platforms and infrastructure as well as tracking stolen crypto assets.

US and South Korean researchers will also focus on how stolen financial assets are laundered or converted into crypto assets using illegal ransomware or other techniques.

Per the Yonhap News Agency, the US picked South Korea for the collaborative effort on crypto assets as the country’s neighbor and geopolitical rival North Korea is viewed as a major perpetrator of crypto heists. In August of 2022, for instance, blockchain analysis platform Chainalysis said that North Korea was responsible for most of the crypto heists happening on decentralized finance (DeFi) protocols.

“Much of the value stolen from decentralized finance (DeFi) protocols can be attributed to bad actors affiliated with North Korea, especially elite hacking units like Lazarus Group. We estimate that so far in 2022, North Korea-affiliated groups have stolen approximately $1 billion of cryptocurrency from DeFi protocols.”

Earlier this year, a member of a United Nations expert panel tasked with the monitoring of sanctions on North Korea reportedly disclosed that the hermit state uses the crypto mixer Tornado Cash to launder stolen crypto assets. The hermit state is said to use the proceeds of its crypto heists to fund its nuclear and missile programs.

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South Korea Teams Up With US To Combat Crypto Heists and Efforts of North Korean-Linked Hackers: Report

A crypto strategist who nailed the pre-halving Bitcoin correction earlier this year is warning that BTC may head lower as resistance continues to strengthen.

Pseudonymous analyst Rekt Capital tells his 523,400 followers on the social media platform X that Bitcoin is looking near-term bearish as it struggles to reclaim key support levels on the weekly chart while it chops around the $90,000 range.

“[Monday], Bitcoin showed some signs of a relief rally after which price was rejected to almost new lows. [Tuesday], Bitcoin [was] rebounding yet again and once again into the old support. Overall, as long as the previously lost supports turn into new resistance additional downside should be expected. Conversely, a reclaim of these previously lost supports would obviously be bullish.”

The analyst also says that a Bitcoin correction during these weeks of the current bull market cycle is not unusual based on historical precedence, and it could set the flagship crypto asset up for rallies.

“BTC is offering more confirmation for additional downside than reasons to be bullish for the moment. Once Bitcoin clears its historically corrective weeks seven, eight and nine in price discovery the opposite will be true. It’s Christmas and this retrace is a gift.”

Lastly, the analyst suggests that Bitcoin has about 38% left to complete in the bull market cycle based on previous cycles and that the final stage is traditionally the most explosive phase.

“Bitcoin bull market progress: 62%. (Progress will speed up in the parabolic phase).”

Bitcoin is trading for $98,151 at time of writing, up more than 125% in the last year.

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Additional Downside for Bitcoin To Be Expected As Resistance Remains Strong, According to Analyst

The native asset of crypto exchange Bitget (BGB) is closing in on a market cap of nearly $8 billion after the token surprisingly sparked an 844% rally in 2024.

According to current data, BGB is trading for $5.64 at time of writing, a 15% increase during the last 24 hours.

BGB launched in 2021 and was designed to boost community engagement and streamline trading activities within the Bitget ecosystem.

According to a recent report by Bitget, the exchange surged in popularity, partially due to a rise in Gen Z crypto buyers, who began gobbling up digital assets after former President Donald Trump won the 2024 US presidential election.

The data shows that Bitget saw a staggering 683% increase in Gen Z users in November, pushing the demographics’ share of new users on the platform from 26.2% in October to 53.8% by the end of November.

“Trump’s pro-crypto rhetoric during his campaign, including pledges to establish a national Bitcoin reserve and encourage domestic Bitcoin mining, resonated with younger voters. This demographic, known for its tech-savviness and interest in financial autonomy, responded by flocking to platforms like Bitget.

In total, 844,000 new users under 25 joined Bitget in November, a dramatic rise from the 110,000 recorded in October.

The shift highlights the influence of political narratives on financial behavior, with market enthusiasm fueled by the fear of missing out (FOMO) and expectations of favorable crypto policies under the new administration.”

Bitget’s research reports that Gen Z users now make up about 21% of all crypto investors.

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Bitget Token (BGB) Soars to $7,869,959,009 Market Cap With Suprise 844% Rally This Year

The web3 infrastructure provider MoonPay is reportedly mulling a $150 million acquisition of the crypto payments provider Helio.

Fox Business reporter Eleanor Terrett reports that MoonPay is in talks over the deal, which would represent the crypto firm’s largest acquisition.

Helio aims to make “accepting crypto payments effortless for merchants and apps worldwide.” The payment provider supports major chains including Solana (SOL), Ethereum (ETH), Bitcoin (BTC), and Base.

“We power crypto checkouts for +6,000 merchants & apps, and millions of unique active wallets.

You can self-serve to set up a Helio merchant account in minutes & get paid instantly for E-commerce, pre-sales, subscriptions & digital products in USDC, SOL, ETH, BTC & 100s of digital assets.”

In June, the crypto payments firm launched a Solana Pay plugin for the e-commerce giant Shopify, enabling buyers to use SOL and hundreds of other crypto assets with automatic swaps to stablecoins.

MoonPay bills itself as the “world’s leading” web3 infrastructure firm.

“We provide end-to-end solutions for payments, enterprise-scale smart contract development, and digital asset management. Many of the world’s most iconic brands rely on MoonPay to power their Web3 strategies and ideas.”

The crypto firm has more than 20 million verified accounts and is supported in 180 countries.

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MoonPay Considering $150,000,000 Acquisition of Crypto Payment Firm Helio: Report

The Finance Minister of Russia has reportedly confirmed that many companies in the country are now using Bitcoin (BTC) to engage in foreign trade and skirt Western sanctions.

Reuters reports that the Russian government has recently taken legislative measures to legalize the mining of the crypto king and other crypto assets, helping firms find ways around sanctions placed on them by the West.

As stated by Russian Finance Minister Anton Siluanov to Reuters earlier this week,

“As part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia (in foreign trade transactions). Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year.”

Earlier this month, Russian President Vladimir Putin said that the US government was undermining the use of the US dollar as a reserve currency, forcing nations to turn to other assets.

At the time, Putin cited Bitcoin as the top replacement for the US dollar as a reserve asset, noting that no nation could regulate it.

However, earlier this week, the Russian government reportedly said it’s planning on shutting down Bitcoin mining in 10 different regions throughout the nation starting on January 1, 2025 due to energy shortages.

The prohibition period affects both miners of mining pools and is expected to remain in effect until March 5th, 2031.

BTC is trading for $98,505 at time of writing, a fractional increase on the day.

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New Zealand Central Bank Governor Criticizes Stablecoins as "The Biggest Misnomers"

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