News updates April 15, 2022
1. Bitcoin (BTC) Drops to $40,000 After Creating Bearish Engulfing. Bitcoin has created a bearish engulfing candlestick.
Technical indicators in the daily time frame are bearish.
BTC looks to be in the C wave of an A-B-C corrective structure.
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2. Bitcoin institutional buying 'could be big narrative again' as 30K BTC leaves Coinbase
Regardless of Bitcoin price action, institutional players are putting their money where their mouth is this month.
Bitcoin (BTC) may be heading under $40,000 but fresh data shows that demand from major investors is anything but decreasing.
For Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, institutional BTC buying “could be the big narrative” in the crypto space once more.
Coinbase Pro shifts serious amounts of BTC
Ki highlighted figures from Coinbase Pro, the professional trading offshoot of United States exchange Coinbase, which confirm that large tranches of BTC continue to leave its books.
Those tranches totalled 30,000 BTC in a single day this week, and the event is not an isolated one, with March seeing similar behavior.
3. $2 Billion of BTC Drained from Centralized Exchanges by Crypto Traders in Last 24 Hours.
Centralized exchanges are continuously using users' funds as more traders and investors decide to use private and noncustodial solutions for storing cryptocurrencies, Glassnode reports. While data does not include the OTC market and decentralized exchanges, $2 billion worth of crypto removed from exchange circulation could still have a strong effect on the market's liquidity.
As data suggests, the crypto market saw outflows of $1.9 billion worth of BTC in the last 24 hours, with $1 billion moving on exchange balances. The net flow of Bitcoin would remain at a negative $925 million. Ethereum and Tether reported a positive flow, but it still does not cover even half of the loss exchanges faced from Bitcoin outflows.
4. Bears control Bitcoin price, but traders say the $40K zone is still good ‘for longs’
Traders faced another day of red markets on April 14 after the weakness in equities markets continued to put a damper on crypto prices.
Data from Cointelegraph Markets Pro and TradingView shows that after holding onto support above $41,000 in the early hours on Thursday, the price of Bitcoin (BTC) was slammed back below $40,000 in the afternoon session and hit a daily low of $39,550.
*Bitcoin needs to find support above $42,000*
Bitcoin's price action on the monthly chart was discussed by markets analyst and pseudonymous Twitter user ‘Rekt Capital’, who posted the following chart showing what happened when the $47,000 resistance level was rejected in September 2021.
*Check for longs in the $40,000 zone*
Cryptocurrency analyst Michaël van de Poppe sees the current price action for Bitcoin as “a pretty standard playing field here” based on the following chart posted on Twitter.
“Looking at the $42,000 barrier to break first, that would be a trend break. Otherwise, the $40,000 zone is the area where I'd want to check for longs.”
*The possibility of a bullish uptrend*
Insight into the long-term outlook for Bitcoin based on the percentage of supply held in profit was explored by analyst ‘On-Chain College’, who posted the following chart noting that the metric had “bounced off the ~62.5% level 3 times this year.”
Currently, over 69% of the supply is in profit. Historically, when this metric hits the red zone (+95%) BTC is 'overheated' and the potential sell pressure is high.”
For the 3rd time since 2015, we have reached the green zone. The last 2 times this occurred, a massive bullish uptrend followed. Probably nothing…”
The overall cryptocurrency market cap now stands at $1.857 trillion and Bitcoin’s dominance rate is 40.9%.
5. Chinese Ministry of Public Security on Money Laundering: USDT Is the Most Serious Harm:
In a press conference held by the State Council Information Office (SCIO) on Thursday, the Director of the Criminal Investigation Bureau of the Ministry of Public Security, Liu Zhongyi, shared some information on fraudulent acts going on in the country, where he noted that Tether (USDT) is the most serious means of committing money laundering
*USDT Is the Most Serious Harm*
Representatives from various security and technology sectors were present during the conference to discuss progress with cracking down on telecommunications and network fraud.
Zhongyi said that fraud groups continue to use new technologies such as the blockchain, virtual currencies, AI intelligence, remote control and some other means to improve their fraudulent acts.
Sharing further details, he noted that use of fake apps have resulted in 60% of all fraud cases. Other fraud acts are carried out through the use of second dials, VPNs, cloud voice calls and foreign operators’ phone cards, SMS platforms and communication lines.
Zhongyi also added that the groups move and launder their illicit revenue through cryptocurrencies with USDT being a favorite option.
6. New York Man Charged With Running Unlicensed Bitcoin ATMs That Sold $5.6M in BTC:
The Manhattan District Attorney’s office has charged a man with running dozens of unlicensed Bitcoin ATMs across New York City, New Jersey and Miami.
Prosecutors say 35-year-old New York resident Robert Taylor operated a total of 46 Bitcoin ATMs across three cities and sold $5.6 million Bitcoin between 2017 and 2018. He took transaction fees of between 10–20%.
Taylor is accused of promising ATM users that his machines didn’t use cameras or require identity, in posts on social media. These promises attracted customers who had recently committed felonies.
Taylor surrendered yesterday, according to a statement given to Reuters by a spokesperson for the DA’s office. He is charged with tax fraud, false filings, and running an unlicensed money transmitter.
*Bitcoin ATMs and the law*
Bitcoin ATMs are not illegal provided they adhere to local tax and licensing regulations. However, authorities have repeatedly linked them to money laundering and other criminal activities.
In December last year The United States Government Accountability Office released a report detailing the role Bitcoin ATMs may play in human and drug trafficking.
7. Germany Is the Most Crypto-friendly Country:
Germany has unseated Singapore as the most crypto-friendly country, according to a report by Coincub.
The company’s first quarter 2022 report ranked 46 countries based on a range of factors, including newly added categories such as the number of initial coin offerings (ICOs) in each country, fraud case prevalence and the availability of crypto courses by leading institutions.
As events develop, we go beyond legislation or pure numbers and introduce new dimensions that are crucial for defining a country’s crypto friendliness or maturity,” Coincub CEO Sergiu Hamza said in a statement.
German stock market operator Deutsche Boerse has also listed more than 20 crypto exchange-traded products (ETPs) on its digital exchange, Xetra, over the past few months. Fund issuers such as WisdomTree, CoinShares and 21Shares have all listed products in the country recently.
The US also ranked first in mining as the country accounts for about 35% of global hashrate — ahead of second-place Kazakhstan, which totals about 18%.
The United Arab Emirates, which ranked 22, was a new addition to the list following its recent plans to become one of the world’s crypto hotspots.
Dubai last month revealed its first cryptocurrency legislation overseen by a new regulatory agency, and the emirate has recently granted licenses to crypto exchanges FTX and Binance to operate there.
China remained at the list’s bottom following its widespread ban on trading and mining crypto.
8. Spanish Crypto Investors ‘Fleeing to Portugal to Escape Taxes,’ Say Lawyers
Increasing levels of scrutiny from the Spanish taxman are forcing Spaniards to flock to Portugal – or at least declare their legal residence of their Iberian neighbor nation. And it is a phenomenon that could one day turn Spain into what legal experts have called a “crypto desert.”
Portugal is known among crypto investors as a “tax-free haven,” where taxes are not imposed on cryptoasset holders and traders. Business Insider Spain reported that this “contrasts” with the situation across the border in Spain, where regulations continue to become stricter and stricter.
9. Russian Chamber of Commerce Suggests Using Cryptocurrencies in Settlements With Africa
Employing crypto in cross-border payments is one of the proposals put forward by the Russian Chamber Of Commerce lobbying for more cooperation with African countries. Amid unprecedented sanctions limiting Russia’s ability to trade internationally, the head of the board has urged the government to work out an alternative system for settlements with Moscow’s partners.
10. Regulatory Arm of UAE Financial Centre Releases Defi Discussion Paper
The regulatory arm of UAE’s financial centre, Abu Dhabi Global Market (ADGM), has released a discussion paper that is seeking stakeholders’ comments regarding the regulation of decentralized finance (defi). The paper also makes clear the regulator’s stance regarding the anonymity of defi transactions.
