News updates April 24, 2022
1. Crypto trading expert projects Bitcoin’s next price levels after plunging below $40k:
Cryptocurrency trading expert Michael van de Poppe has projected that Bitcoin (BTC) might correct further to $31,000 if the asset falls below the $38,000 mark.
In a YouTube video, Poppe acknowledged that since the start of the year, Bitcoin has been trading sideways, but the recent minor correction below $40,000 has opened the door for a further price drop.
Although he believes that trading at $31,000 remains a possibility, he notes that the level is untested considering the recent trading patterns.
*Strong dollar impacting Bitcoin*
He noted that Bitcoin’s inability to embark on another rally could be tied to the strong dollar performance, but the crypto asset is showing stability. However, he pointed out that the market would be keen on the next interest rate hikes, possibly leading to the dollar reversal, consequently impacting Bitcoin positively.
Besides the dollar’s impact, investors will be looking out for the next halving event that is almost two years away. Historically, halving has resulted in steady and significant price increase in Bitcoin.
On the flip side, the trader stated that investors should expect some momentum if Bitcoin breaches the $40,200 mark.
Poppe also noted that Bitcoin’s next price action could be influenced by the fact that the asset has been trading in the range of $30,000 and $46,000 since the start of 2022. According to Poppe:
*Bitcoin plunges below $40,000*
The price analysis comes after Bitcoin dropped below the $40,000 mark in the last 24 hours. By press time, the asset was trading at $39,716.
With the trader highlighting Bitcoin’s stability, Bloomberg commodity strategist Mike McGlone believes that the asset is in line to become collateral in the world’s paradigm shift inspired by Russia’s invasion of Ukraine and China banning cryptocurrencies in 2021.
The correction comes after Bitcoin showed signs of rallying further after the asset surged above the critical $42,000 level. As reported by Finbold, the price movement appeared to influence the amount flowing in and out of cryptocurrency exchanges.
On April 14, Bitcoin recorded the largest exchange outflow in five weeks with almost 25,878 BTC leaving crypto exchanges in just 24 hours during the period.
2. Bitcoin (BTC) Price Analysis for April 23:
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*BTC/USD*
Bitcoin (BTC) has failed to get to the vital $40,000 mark, going down by 2.85% over the last day.
On the hourly chart, Bitcoin (BTC) made a false breakout of the local resistance level at $39,823. At the moment, the price is stuck in the middle of the channel, accumulating power for a further move. However, if the drop continues, there is a chance to see the test of the area around $39,400 until the end of the day.
On the bigger time frame, Bitcoin (BTC) has bounced off the support at $39,218, which means that bulls still control the market situation despite today's decline. From another point of view, the selling trading volume is increasing, which confirms ongoing bearish pressure.
In this case, the breakout of the support might lead to a sharp decrease to $38,000 soon.
Analyzing the weekly chart, Bitcoin (BTC) is rather more bearish than bullish as the price is located below the $40,000 mark. If bulls cannot seize the initiative by the end of the week, the fall may continue to the zone around $37,500.
Bitcoin is trading at $36,607 at press time.
3. Europe’s electronics retail giant to install 12 Bitcoin ATMs in Austria
Media Markt started testing Bitcoin ATMs a few years ago. At the time, it was assessing the viability of installing Bitcoin ATMs in its stores in Vienna. Now, the company has decided to have Bitcoin ATMs installed in 12 of its branches based in Austria.
Local clients who want to buy Bitcoin can use Kurant vending machines. Kurant is behind the cinstallation of 200b Bitcoin ATMs in several European countries, including Austria, Germany, Greece and Spain.
The managing director at Kurant said that installing these vending machines in retail businesses was bound to attract more people to cryptocurrencies. As the largest electronics retailer in Europe, Media Markt operates more than 1000 stores and attracts millions of customers across Europe. In 2021, the company’s revenues surpassed $22 billion.
4. Payments Giant Stripe to Pilot Crypto Payouts With Twitter
Stripe continues its crypto endeavors with a new pilot program that will let some Twitter users get paid in the popular stablecoin USDC.
Stripe’s latest announcement may make it easier for creators worldwide to hold dollars.
It’s a small step, but the payment giant is launching a new crypto pilot on Twitter. The move is part of an expansion of Stripe’s Connect service, which lets businesses connect with the firm’s payment APIs, including its KYC onboarding.
The service allows for various payment methods and currencies, and is available in over 70 countries.
Today’s news now shows Stripe’s intention of including cryptocurrencies in this service, citing difficulties in continuing to expand the firm’s geographical coverage.
5. Cardano (ADA) Is One Of The Worst Performing Crypto In Terms Of Profit.
Cardano (ADA) has made it on the list as one of the worst-performing assets when it comes to profitability. The ability to make a profit from a digital asset is what drives the majority of investments when putting money in the asset. However, for some, this has not been the case given that their assets have been performing badly in the market. Cardano is one of those that have put the majority of its investors in the red after consistent dips.
82% In Loss
Data shows that Cardano investors are having some of the worst luck in the space. The digital asset which had hit a peak of $3 last year has had a hard time maintaining its value. It has since crumbled back below $1 numerous times, touching yearly lows. In turn, this has caused investors to watch the value of their investments plummet putting the majority of holders in the loss territory.
6. MicroStrategy’s Michael Saylor Might Be Selling Bitcoins At Your Back.
All that we have been hearing over the last two years is that MicroStrategy CEO Michael Saylor has been aggressively buying Bitcoins. However, a contrary report suggests that Mr. Saylor might be dumping his thousands of Bitcoins at your back.
Bitcoin critic Mr. Whale published a detailed report saying Saylor has been selling his BTC for months while urging others to “take out double mortgages and go all-in”.
Mr. Whale digs into the past of Michael Saylor wherein he compares his investment failures of the dot-com bubble of the late 90s. Citing an article from the Fortune Magazine, Mr. Whale says that Saylor lost a whopping $13.5 billion back then, the most by any individual.
7. State lawmakers want to make fraudulent rug pulls a crime in New York.
New legislation filed this week in the US state of New York takes aim at so-called rug pulls and other crypto-specific forms of fraud.
Senate Bill S8839, according to public records, "[e]stablishes the offenses of virtual token fraud, illegal rug pulls, private key fraud and fraudulent failure to disclose interest in virtual tokens" per the text of the measure. A companion bill, Assembly Bill A8820, was filed in the New York State Legislature's lower chamber.
The bills were introduced by State Sen. Kevin Thomas and Assemblymember Clyde Vanel, respectively.
The focus on rug pulls — a term that refers to the sudden exit of a developer or founding team and the theft of investor funds — is a notable one, given the prevalence of such moves in the crypto space, particularly around non-fungible tokens. Last month, federal prosecutors in New York unveiled charges against a pair of defendants in connection with the rug pull of Frosties, a fraudulent NFT project.
8. Another 6 Members of Finiko Crypto Pyramid Arrested in Russia.
Russian law enforcement authorities have detained six more members and executives of the notorious crypto Ponzi scheme Finiko. Police in the Republic of Tatarstan and Russia proper have conducted dozens of searches as part of an ongoing investigation into the pyramid, which defrauded investors around the world.
New Arrests in Finiko Case Made in Russian Federation
The Russian Ministry of Internal Affairs, with the help of the National Guard of the Russian Federation, has taken into custody six participants and leaders of Finiko, Russia’s largest financial pyramid in recent decades. The members of the fraudulent scheme have been active between January 2018 and July 2021 in Tatarstan and other Russian regions, the ministry’s spokesperson Irina Volk told Tass.
Volk explained that they advertised the project to attract investors with promises of extraordinarily high profits in the range of 3 to 5% a day. The fraudsters asked them to convert their fiat money into bitcoin and send it to the crypto wallets controlled by Finiko. Their personal accounts were then credited with “Tsifron,” the platform’s own currency.
In reality, Finiko was never registered as a legal entity in Russia and did not make any investments on behalf of its clients. After some time, it simply stopped paying investors the promised dividends and they were unable to withdraw their funds. The complaints of more than 5,000 people are now part of the materials for the criminal case.
