Crypto Industry News:

Singapore saw a tenfold increase in cryptocurrency-related investments of $ 1.48 billion last year, up from $110M in 2020, according to KPMG's Pulse of Fintech report.

The city-state has long been recognized as the center of cryptocurrency activity, with over $1.48 billion investment made only in the last year.

KPMG suggests that this increase is partly due to government efforts to stimulate the capital market, such as establishing a Special Acquisition Firm (SPAC) listing framework to position the country as a location where fast-growing companies and unicorns can go public.

Regulators are stepping up efforts this year to regulate speculative digital assets. Even as authorities impose even more regulations, KPMG predicts that Singapore's cryptocurrency investments will remain strong this year.

As previously reported, the central bank ordered cryptocurrency companies to stop advertising their services to the general public in early January. In addition, most applicants have not passed the licensing procedure for the authorization to conduct regulated cryptocurrency business in Singapore.

According to a KPMG report, most of the investment in cryptocurrencies and Blockchain last year focused on software and underlying infrastructure, not services. The emerging sector accounted for a third of total Singapore fintech investments, which, according to KPMG, increased to $3.94 billion last year.

Technical Market Outlook

The ETH/USD pair has made a new local high at the level of $3,235, but the rally was capped after the Bearish Engulfing candlestick pattern occurred at the top of the up wave. The market is pulling-back from the highs, but the next target for bulls is seen at the level of $3,279 The game changing level (market sentiment changer) is located between $3,385 - $3,438. The bulls are in control of the market on the lower time frames as the momentum is strong and positive on the daily time frame chart and the market is bouncing from the extremely oversold conditions. The nearest technical support is seen at $3,046 and $2,930.

Weekly Pivot Points:

WR3 - $3,873

WR2 - $3,464

WR1 - $3,288

Weekly Pivot - $2,862

WS1 - $2,704

WS2 - $2,297

WS3 - $2,119

Trading Outlook:

The market is bouncing after over the 50% retracement made since the ATH at the level of $4,868 was made. The level of $3,436 is the next key technical resistance for bulls. On the other hand, the next long-term technical support is located at $1,721 (61% Fibonacci retracement of the last big impulsive wave up) is still the key long-term retracement level for bulls.