Unleash the Kraken! Let your Crypto journey begin

Welcome back, Re:crypto fam! 🚀🌐 In this edition of Re:crypto, we're diving into crypto concepts with the simplicity even a 5-year-old can grasp. Last time, we covered the basics of downloading a Metamask Wallet. Today, buckle up as we explore the straightforward process of signing up for an exchange, with a focus on Kraken Exchange. 🔄💳

But before we jump into the nitty-gritty, let me drop some words of caution and advice. 🚨📝 As the market starts its engines earlier than expected, it's crucial to stay grounded. FOMO (Fear of Missing Out) is real, and logical thinking can take a back seat. Whether you're a crypto newbie or an experienced traditional market investor, the upcoming crypto bull market is predicted to be crazier than ever. With more eyes on it, heightened awareness of Bitcoin halving, and interest rates at 20-year highs, things might get wild. 🌪️💰

Here's the deal: have a plan with self-set rules and the discipline to stick to them. When prices soar, resist the urge to chase higher, and when things dip, avoid impulsive selling. These scenarios are real, and I'm sharing from personal experience. Remember, it's not just about how much you make; it's about what you can keep in the end that truly matters. 💡💪

Now, let's talk about the Fed. 🏦 As you may have heard, the Federal Reserve is likely to start lowering rates next year. The market is currently pricing in the first rate cut as early as the end of the 1st quarter 2024, with predictions of up to three rate cuts totaling 1.5% over the next year. 📉💹

But here's a little caution: a Fed rate cut might not be the market savior everyone imagines. The common belief is that a rate cut triggers the money printer and sends Bitcoin and the entire crypto market on an upward trajectory. However, consider this— the Fed typically lowers rates when something is amiss in the system. If everything's supposedly fine, why the need for rate cuts? 🤔

Moreover, historical data suggests that markets don't fare well when yield curves are inverted, and they un-invert after the Fed cuts rates. An inverted yield curve is often a sign that something is broken. Stay tuned for more details on this in the next edition. 🔄📊

And with that time for todays lesson:

First your going to want to go to www.kraken.com and click on signup

Create your personal account by filling in the following information Email, Username, Create a password, select your country, and State if in the United States. Then read and agree the terms of service. Then click on Create account.

Next you’ll be prompted to Activate your Account you will have to go to the email you inputted in the previous step.

Look for the email sent by Kraken and open it. Make sure to check you spam box if it does not appear in your inbox.

After opening the email from Kraken you will see a button to activate your account you can click on this if not you can copy and paste the verification code. Which is the example we will follow.

Go back to Kraken exchange and paste your activation code then click on Activate Account.

On the next screen you can click on Get Started or Get verified. We are going to get verified so we can fund our account.

You will be prompted to get verified click on Verify

Verify your identity: Fill in your first and last name, date of birth, give an occupation, your home address, phone number, last for of your social security number for tax purposes. Then click Continue.

After you click Continue it will usually take 30 seconds but could be up to a few minutes

Now your verified you can Continue

Now you can click on Get started. You should also see you name in the upper corner

If you click on your name in the upper right hand corner you can change your security settings adding 2FA is highly recommended

If you click on settings you can change your account settings. Now to add funds you want to click on the funding tab

Once you open the Funding tab you want click on the Deposit button

Select the currency you wish to deposit

After you select your currency you can use the drop down and select other currencies such as CAD or EUR

Enter a deposit amount

After you enter a deposit amount you will get banking details for a wire transfer

Follow the instructions listed to complete a wire transfer you can also change the bank that you are wiring money to. Now its important to include kraken.com at the end of your reference number this is way to identify your account on Kraken. But if your not comfortable doing a wire there is another option.

From the get started page click on Buy Crypto then click on Payment methods

On the next screen click on Add a bank account

Then Select your bank you can click on All other banks if you don’t see your bank here

You can also search your bank in the search bar

You’ll get a prompt click ok

Then log into your bank account as you would normally

If you get an error using your local regional bank try using a larger bank and same as above log in as normal and follow the prompts.

There you have it you just set up your kraken exchange account and linked a way to fund your account now you are ready to get in the game!

Now to the Markets:

Crypto Bubbles showing the markets is a little mixed over the last week with some large gainers and some pulling back

The global cryptocurrency market cap today is $1.71 Trillion, a 2.8% change in the last 24 hours.

Total cryptocurrency trading volume in the last day is at $89.9 Billion. Bitcoin dominance is at 50.1% and Ethereum dominance is at 15.5%. The largest gainers in the industry right now are Wrapped-Tokens and BRC-20 cryptocurrencies.

Bitcoin price analysis 📈

Bitcoin dipped below the 20-day exponential moving average ($41,760) on Dec. 18, but the bears could not sustain the lower levels, indicating strong buying on dips. 🐻📉🚀

BTC/USDT daily chart. 📊

The bulls pushed the price above the downtrend line on Dec. 19, but the bears sold at higher levels. However, renewed buying on Dec. 20 has pushed the price above the immediate resistance at $43,500. This increases the likelihood of a rally above the 52-week high at $44,700. If that happens, the BTC/USDT pair could surge to $48,000 and eventually to $50,000. 💪📈🚀

Contrarily, if the price turns down sharply from $44,700, it will suggest that the sellers remain active at higher levels. The bears will have to sustain the price below the 20-day EMA to accelerate selling and challenge the solid support at $37,980. 📉🐻💔

Ether price analysis 🔄

Ether (ETH) tickers down 💸 $2,201 💸 has been witnessing a tough battle between the bulls and the bears near the strong support at $2,200. 🤼‍♂️🐂🐻

ETH/USDT daily chart. 📊

The failure of the bears to sustain the price below $2,200 indicates buying at lower levels. The flattish 20-day EMA ($2,210) and the RSI near the midpoint suggest a range-bound action in the near term. ↔️📉📈

Buyers will try to push the ETH/USDT pair to $2,332 and then to $2,403. Sellers are expected to defend this zone with vigor. On the downside, the 50-day SMA ($2,091) remains the key level to keep an eye on. A break below it may result in a fall to $1,900. 📉🐻📉

Now the News:

Bitcoin and Cryptocurrency Regulations:

- SEC Holds Another Meeting with BlackRock on Spot Bitcoin ETF 🤝💼

- SEC Denies Coinbase's Petition for Transparent Crypto Rules 🚫💼

- SEC Chair Gary Gensler Reconsiders Spot Bitcoin ETFs Based on Court Rulings 🔄💼

- US Regulators Warming to the Idea of Approving Spot Bitcoin ETFs 🌐💡

- VanEck Predicts First Spot Bitcoin ETF Approval in Q1 2024 📆📈

- Four Major Bitcoin ETF Issuers Meet With SEC in Last Few Days 🏦💹

Market Trends and Developments:

- Recent Market Corrections and Resilience 📉📈

- Bitcoin Retesting Yearly High Again - $44,000+ 💲🔄

- Markets Taking Global Correction Today After Weeks of Surges 🌐📉

- Enjin Completes Migration of Over 200 Million NFTs to Enjin Blockchain 💼🌐

- Coinbase, Conio, Partner to Provide Crypto Services to Italian Banks 🤝💳

- MetaMask Expands Global Presence With Payment Partnerships Across Six Countries 🌍💳

Institutional Investments and Industry Predictions:

- Institutional Investors Maintain Buying Momentum with $43 Million Inflows 🏦💹

- El Salvador’s Bitcoin Bonds Get Regulatory Approval, Launch Set for Early 2024 💼📅

- Blockchain Gaming Industry to Exceed Over $600 Billion in Value by 2030 🎮💰

- Ether Supply Hits Lowest Level Since Shanghai Upgrade 📊💹

- Ethereum Consumes 28x Less Energy Than American Express ⚡💳

- BNB Chain’s New Roadmap Prioritizes Blockchain Adoption, Web2, and AI Support 🚀🤖

- Large Transactions and Tokenization Drive AVAX Growth Above 82% in Seven Days 📈💼

Cryptocurrency Market and Industry News:

- President Donald Trump Releases New 'Mugshot' NFT Collection 🎨💼

- Worldcoin Unveils Integrations With Minecraft, Reddit, Telegram, Shopify, and Mercado Libre 🌐🚀

- Deutsche Bank’s DWS Group Teams Up with Galaxy Digital to Issue Euro Stablecoin 💱🏦

- Coinbase Announces Spot Crypto Trading for Non-US Investors 🌍💹

- Crypto to Be Measured at Fair Value Under New FASB Rules ⚖️💰

- Pay with Bitcoin And Get a Freedom VISA in El Salvador 🇸🇻💳

Blockchain Technology and Innovation:

- Ledger Wallet Compromised: DApps and $500,000 at Risk 🔐💻💸

- Uniswap v3 Deploys on Bitcoin Scaling Protocol Rootstock 🔄💡🚀

- Michael Saylor's MicroStrategy Bitcoin Investment at $2,300,000,000 Unrealized Profit 💰💡

- Super-Majority of Bitcoin Holders Are Now Back in Profit 💹💲

- 20,000 Blocks Remain Until Bitcoin Halving 🔄🕰️

- New Features in Coinbase Wallet Simplify International Money Transfers 💳💸

- CME’s Bitcoin Futures Open Interest Nears All-Time High 📈💼

Global Expansion and Partnerships:

- Robinhood Launches Commission-Free Crypto Trading App in EU 🚀🌍

- South Korea’s Biggest Supermarket Says Next-Gen ATMs May Be Crypto Compatible 🏦🌐

- Merit Circle DAO Partners with Immutable for Web3 Gaming and Trading Development 🎮💻

- Lugano Switzerland Now Accepts Bitcoin, USDT for Tax Payments 🇨🇭💳

- Coinbase Wallet and BRC-20 Tokens Developments 💼📊

- OKX and Bybit Capitalize as Binance’s Market Share Declines 📈📉

Legal and Regulatory Updates:

- Binance Founder CZ Must Stay in U.S. Until Sentencing, Judge Orders ⚖️🇺🇸

- Former Binance CEO CZ’s Guilty Plea Accepted by US Judge ⚖️📅

- Binance Will Lose Dominance After Plea Deal: Head of Digital Assets Research at VanEck 💼📉

There you have fam thats it for another edition of Re:crypto make sure you tune back in next time for an explanation on why caution should be the approach to Fed rate cuts. So stay informed, stay cautious, and stay tuned for our next Re:crypto adventure! 🚀🔍