News updates April 07, 2022

1. Bitcoin Prints Bearish Pattern, Why BTC Could Drop To $42K:

* Bitcoin gained bearish momentum after it broke the $45,000 support zone.

* The price is trading below $45,000 and the 100 hourly simple moving average.

* There are two bearish trend lines forming with resistance near $43,900 and $46,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).

* The pair could extend decline towards the $42,000 level in the near term.

Bitcoin Price Dives Over 5%

Bitcoin price started a major decline from the $47,000 resistance zone. BTC traded below the $46,000 and $45,500 support levels to move into a bearish zone.

The price even broke the $45,000 support level and settled below the 100 hourly simple moving average. Finally, it spiked below the $43,000 level and traded as low as $42,904. It is now consolidating losses near the $43,000 level.

2. $5,500,000,000 Bitcoin Whale Dives Back Into Crypto Market, Amassing 3,241 BTC in One Day:

The world’s richest non-exchange Bitcoin (BTC) whale is once again diving into the market.

The address, which holds over 120,000 Bitcoin worth around $5.5 billion, has added another 3,241 BTC as the flagship cryptocurrency floats at about 5% below its seven-day high.

The whale, which is the third-richest overall after the wallets controlled by the crypto exchanges Binance and Bitfinex, initially accumulated 289 BTC and then another 2,952 BTC on April 5th.

The total value of the newly acquired BTC is slightly above $145 million.

The whale’s actions in recent weeks have been about as volatile as the price of BTC, and this week’s accumulation period comes days after a series of major outflows.

From March 21st to the end of March, the address appeared to have sold 3,000 Bitcoin. And from April 1st to the early hours of April 5th, another 4,500 BTC left the wallet, bringing the total value of outflows to slightly over $336 million in under three weeks.

An analyst at the firm, who goes by the pseudonym Checkmate, says that both whales and holders with less than one BTC are now buying.

3. Bank of England Governor Says Crypto Creates ‘Opportunity for the Downright Criminal’

Bank of England’s Governor Warns About Cryptocurrency:

Bank of England (BOE) Governor Andrew Bailey talked about cryptocurrency Monday at a “Stop Scams” conference organized by the central bank.

Bailey said cryptocurrencies are the new “front line” in criminal scams, stressing that crypto created an “opportunity for the downright criminal.”

Bailey urged banks, tech companies, and government institutions to work with the Bank of England to tackle scams targeting consumers, which he acknowledged is a job that “will never be done.”

The central bank governor also accused some crypto users of violating sanctions imposed on Russia after its invasion of Ukraine. He asserted:

The British government unveiled a detailed plan earlier this week to position the U.K. as a global crypto hub.

“We think that by making this country a hospitable place for crypto we can attract investment … generate swathes of new jobs … and create a wave of ground-breaking new products and services,” said John Glen, the U.K.’s economic secretary to the Treasury.

4. China’s Communist Party wants to regulate NFTs

* The Economic Daily argued against treating NFTs as cultural and creative products, calling instead for the asset class to be regulated as a currency, commodity and/or a security. 

* The phrase “digital collectibles” is a euphemism for “NFTs” as China frowns on speculation in the emerging asset. 

* The article criticized NFT trading platforms for operating resale markets, warning buyers that the “rug could be pulled” anytime.

* Ironically this comes amid state-run television stations themselves launching NFT marketplaces.

* The People’s Daily, the official newspaper of the CCP, and Shandong TV have their own marketplaces with Shanghai Securities’ NFTs surging in second-hand sales. 

  • Meanwhile, China’s tech giants have self-regulated amid the regulatory uncertainty, with Alibaba imposing a 180-day lock-in before a resale.

5. El Salvador President Nayib Bukele Calls Off Bitcoin 2022 Conference Appearance

El Salvador President Nayib Bukele, citing “unforeseen circumstances” that require his full attention at home country, cancelled his planned participation in the Bitcoin 2022 conference in Miami.

6. Philippines’ Largest Digital Payment Firm Enables Crypto Trading

The Philippines-based fintech and digital payments firm PayMaya on Wednesday has rolled out features to buy, sell, and earn crypto on its app. With the expansion into crypto services, the company has further extended its leadership in the digital payments sector and made cryptocurrencies more accessible to Filipinos.

7. Australian Authorities Create New Regulations That May Affect Crypto Influencers

Australian Securities and Investments Commission releases guidelines for social media financial influencers and financial service providers. Defaulters face millions in fines or serious jail time.

However, some content creators have raised concerns over a lack of clarity in the regulations.

8. President Biden is preparing to announce picks for SEC commissioners: Report

United States President Joe Biden is reportedly planning to nominate two commissioners with different political party affiliations to the Securities and Exchange Commission.

According to a Wednesday report from the Wall Street Journal, Biden is considering Democrat Jaime Lizárraga, a staffer for House Speaker Nancy Pelosi, and Republican Mark Uyeda, counsel for the Senate Banking Committee on securities and capital markets, to fill seats left behind by SEC commissioners Allison Lee and Elad Roisman, respectively. Roisman left the regulatory body at the end of January, while Lee is expected to depart when her term expires in June.

9. Russia’s Sberbank Denies Involvement in Recently Launched ‘Sbercoin’

Sberbank, the largest bank in the Russian Federation, has denied connection to a new cryptocurrency called “sbercoin.” The project is offering high returns to buyers of the token, which was launched shortly after Bank of Russia allowed Sberbank to issue digital currencies.

10. Students Set To Be Trained In Crypto Investments In The Netherlands

Netherlands authorities are planning to carry out education on investing in crypto investments. The authorities believe this would help students not to be misled by advertising.