What is contained in the White Paper regarding Metaverse regulation from the United Arab Emirates?
What do we have for you in today's newsletter?
- Analysis of BTC and ETH
- Weekly results from the Golden Keys
- News crypto - White paper under Metaverse regulation from Emirates
MARKET ANALYSIS BY CRYPTOAARON
Currently, we have been moving above the last accumulation zone, i.e. above the $36,000 level, for a few days now, which is clearly strengthening the price on Bitcoin. On the other hand, you have to take into account that we've actually been rising non-stop since $27-28k, and the only corrections there have been along the way have been corrections to the accumulation zone, but without any significant correction. This situation has been going on for several weeks now, so I suspect that a correction situation will happen sooner rather than later. Therefore, I'm betting that the correction, either will occur from this level currently and we'll slowly start correcting already, slowly going back below the $36,000 level and then below the $33,000 level; or we'll get another upward leg from the market, the range of which I suspect will be between $39,000 and $41,000. And here from this zone we will eventually get a correction, that is, there will simply be one more such parabolic upward leg, which will end with just a correction from these levels, and then we will fall further to levels below $36,000, all the way below $33,000, ultimately to the zone of even $29-31k.
The situation changed strongly last week, because as until now Ethereum was very much behind Bitcoin, this week it caught up with it very strongly. The global downtrend was around $1970-2000, where it was pierced, retested and further on we have already had a continuation above $2100 apiece on Ethereum, which shows that it has strengthened Ethereum even more. Currently we are at a rather important resistance level, the $2100-2200 zone is quite a big resistance. If it is pierced, the next level will be $2500-2700-2800. If we do not pierce these $2100-2200 then Ethereum may also get caught under some corrective movement. Then anything above $1600 will be a good buying price, long-term. All levels around $1700-1750-1850, really every $50, starting at $1600, are attractive to buy. Currently $1700 is very strong support on Ethereum.
We have grown very strongly all the given altcoins, from a hundred, to even a few hundred percent, so these are very good calls on the altcoins of the last few weeks, on the newsletter. Currently, I will continue to hold off on another altcoin, for the reason that I keep reaffirming that the ones that are given and have been given are simply doing best, so they can just be caught on some corrective moves. And something new or just some further call on a given alt that has already been given, I will quietly wait for a corrective move. Because on most of the alts the upward movements are parabolic, example INJ or Solana, so here I think that if it corrects well, for example, such a cryptocurrency as LINK, let's say corrects 20-30-40%, then you can think about some long-term purchase.
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RESULTS OF THE WEEK
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NEWS FROM THE WORLD OF CRYPTO
UAE government presents white paper on Metaverse regulation
The UAE government recently announced the unveiling of a white paper that highlights the potential of the Metaverse, but also areas "where the global community needs to strengthen its preparedness."
Globally accepted standards
White paper dubbed "Responsible Metaverse Self-Governance Framework." According to a statement issued by Minister of State for Artificial Intelligence and Digital Economy Omar Sultan Al Olama, the paper primarily emphasizes the importance of having globally accepted operational standards. The minister added that the white paper, which was developed in cooperation with cryptocurrency exchange Okx, highlights not only the potential of the metaverse, but also areas "where the global community needs to strengthen its readiness." Al Olama cautioned, however, that there are "several areas" that still "require further dialogue, as we highlighted in our paper."
Acceptance and legitimacy
In a 35-page white paper, the document's authors emphasize the importance of self-regulation and highlight the reasons why international cooperation is needed.
"Establishing common minimum rules for self-regulation through international cooperation is one possible way to counter this challenge. By working together to adopt self-regulatory measures that are effective, fair and promote the safety of metaverse users, the international community (namely governments, industry and civil society) can help establish a global framework for responsible and sustainable metaverse development," the white paper's authors conclude.
The authors added that when this happens, it will help the space deal with issues of acceptance and legitimacy. Meanwhile, in a press statement, the UAE ministry acknowledged that there is still a "significant gap," which it blames on the "lack of uniform regulations or a global code of conduct for operating in this emerging ecosystem."
Have a great week!