News updates April 17, 2022
1. Bitcoin Regains $40K as Sentiment Turns to 'Extreme Fear'
Some analysts continue to remain bullish on the future prices of the world’s largest cryptocurrency. Crypto markets continued a second day of slide on Friday as bitcoin hovered above pivotal support at $40,000 in European hours, data show.
Bitcoin (BTC) bounced to $40,100 early Friday, after losing 2.9% Thursday.
Bitcoin is trading near the $40,000 support level, which runs through the lows of the first three months of the year. Current price action is, however, a sign of alarm among some traders.
2.
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.
Here’s a look at what analysts are saying about the short-term outlook for Bitcoin.
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.
Similar to the current price action, the move in September also dropped to the blue support line at $41,300 “and also respected a green higher low.”
Rekt Captial said,
“As long as BTC performs a Monthly Close above blue, history may repeat.”
A similar outlook was expressed by crypto analyst and pseudonymous Twitter user ‘Decodejar’, who posted the following chart stating, “Bitcoin needs to find support above $42,000.
3. Five Reasons Bitcoin Will Replace Credit Cards
5 Reasons bitcoin will replace credit cards in future
1.Speed
2.Security
3.Lower Transaction Fees
4.Reduced Paperwork
5.Privacy And Anonymity
Although Bitcoin gets a lot of negative press, its value as an efficient payment system cannot be denied. For businesses, accepting bitcoin payments means reducing wait times for transactions, reducing chargeback fraud, and paying lower processing fees. For buyers, Bitcoin offers a secure, private, fast and simple way to pay for products and services.
With new improvements like the Lightning Network, acceptance of bitcoin payments will only keep growing. In time, Bitcoin might just do both consumers and merchants a favor and end the monopoly of credit card providers.
4. Russia Goes Bullish On Bitcoin As Finalized Bill Suggests Adopting Crypto As Legal Tender
On Friday, Russia’s ministry of finance submitted a finalized bill on the regulation of cryptocurrencies in Russia.
According to a report by Kommersant, the bill which is titled “On Digital Currency” contains a detailed regulatory framework on the circulation of cryptocurrencies and for the first time, “touches upon mining in detail,” opening up new opportunities for Bitcoin miners who currently fall in the regulatory grey zone.
Apart from providing the legal framework for the circulation and issuance of cryptocurrencies, the draft bill also introduces requirements for certification, identification, and accounting for entities who would like to open digital asset businesses in Russia.
The bill however puts the two operators under stringent rules including the preparation of annual reports, requirements for management bodies, internal audit, and control as well as the creation of a separate structural unit. Some of the rules at hand have been seen as inconvenient and too detrimental to digital assets operators by various crypto enthusiasts.
5. Survey Reveals Huge Demand For Crypto Spot ETFs By US Financial Advisors
Nasdaq survey shows US financial advisors want a spot crypto ETF product.
Advisors also have no plans on reducing their exposure and are willing to get broader exposure under an index fund.
Factors are pointing at a spot ETF green light coming soon.
6. Argentinians Are Now Using P2P Markets to Multiply Their Savings
Argentinians are now discovering that P2P (peer-to-peer) markets can be used to maintain or multiply their savings in crypto and foreign currency. According to local media sources, more and more Argentinians are using P2P exchanges and markets to apply arbitrage and earn money being P2P cashiers. Maximiliano Hinz, Latam operations director of Binance, states that their P2P business has grown 40% in just the last month.
7. Crypto Casinos in the Metaverse – Atari Launching a Virtual Casino
Atari is an iconic video game company that has managed to stand the test of time. It is now leading a new cryptocurrency casino project that brings something different to the table. This cryptocurrency casino is coming to a virtual world called Decentraland, with the district where it will be located is called “Vegas City”.
This is just one of the many opportunities that Atari is exploring in a variety of virtual worlds. The goal of the Ethereum-based virtual world is to replicate a real-life gambling hub like Las Vegas.
Atari is working alongside Decentral Games to build out the casino side of the offering. Decentral Games has support from the Digital Currency Group, which is the major investment firm that is also the overseer of Grayscale.
8. Three African Countries Plan to Adopt Cryptocurrency and Blockchain Solutions
Three African countries — namely Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo — are reportedly planning to adopt cryptocurrency and blockchain solutions powered by The Open Network (TON). Separately, Cameroon is considering issuing a national stablecoin that is based on the same blockchain network.
