News updates April 25, 2022

1. Bitcoin (BTC) Closes Bearish Weekly Candle After Slipping Below $40,000

Bitcoin (BTC) is trading very close to two long-term support levels but has yet to show any bullish reversal signs.

Bitcoin decreased slightly during the week of April 18-24. While the week began with an upward move that led to a local high of $42,976, the price fell during the latter part of the week, creating a long upper wick in the process (red icon). This is considered a sign of selling pressure. 

Currently, BTC is trading well below the $43,000 area. This is a crucial long-term level that has intermittently acted as both support and resistance since May 2021.

Both the RSI and MACD are bearish and continue to move downwards. the RIS is below 50 while the MACD is negative.

Despite this, BTC is still trading above an ascending support line that’s been in place since May 2021. The line is currently close to $38,000. 

 *Mixed readings*

The daily chart provides mixed readings. 

BTC had been following an ascending support line since Jan. 24. It validated the line numerous times, even creating a few bullish engulfing candlesticks (green icons). 

The price now seems to be in the process of breaking down from the line at a time when the MACD is decreasing and is negative. 

However, the RSI is in the process of generating a bullish divergence (green line), this is a signal that often precedes bullish trend reversals.

Similar to the daily time frame, the two-hour chart shows a growing bullish divergence in the RSI (green lines). Besides that, there are no other bullish signs in place.

BTC is now at serious risk of falling firmly below the $38,800 area. If this occurs, it may lead to a rapid drop to retest support levels between $30,000 and $33,000.

 *BTC wave count analysis*

The wave count suggests that since Feb. 10, BTC has been decreasing in what could be an A-B-C corrective structure (red). If correct, it’s currently in the C wave. The sub-wave count is shown in yellow in the chart below.

2. Something sure feels like it's about to break’ — 5 things to know in Bitcoin this week.

Bitcoin (BTC) starts a new week in an uncertain place facing uncertain times — is $40,000 now resistance?

The largest cryptocurrency has just closed a fourth red weekly candle in a row, something that has not happened since June 2020.

As cold feet over the macro market outlook continues to be the norm, there seems little to comfort bulls as the week gets underway — and Bitcoin is not done selling off yet.

On the back of $4,000 in losses over the past four days alone, price targets now focus on retests of liquidity levels further toward $30,000.

It is not all doom and gloom — long-term hodlers and key participants such as miners are showing a more positive stance when it comes to Bitcoin as an investment.

With that in mind, Cointelegraph takes a look at the forces at work when it comes to shaping BTC price action in the coming days

 *Asia woes overtake French election relief* 

The key external event for risk assets at the start of the week is the French election, this was won by incumbent Emmanuel Macron.

A sigh of relief for market players concerned about a surprise victory from far-right rival Marine Le Pen, Macron’s second term is expected to lift French stocks in particular on April 25’s open and the embattled euro along with them.

The European Union, much like the United States, faces a potent cocktail of inflation and plummeting bond markets, with the European Central Bank (ECB) nonetheless not yet taking decisive steps to raise interest rates or reduce its near $10 trillion balance sheet.
Bitcoin was unmoved at the Macron victory, and risk assets are already contending with an Asia downturn on April 25 as COVID-19 in China rattles sentiment.

The Hang Seng index in Hong Kong is down 3.5% on the day so far, while the Shanghai Composite has shed 4.2%.

With crypto en masse heavily correlated to stock market movements currently, a repeat performance by Europe and the United States would produce clear directional cues.

“The worry is the current policy support that the government has already put in place may not be effective because of the Covid policies as activities are subdued,” Jenny Zeng, co-head of Asia Pacific fixed income at global asset management firm AllianceBernstein, told Bloomberg.

Even before April 25’s losses, the past week was already painful for equities, as noted by markets commentator Holger Zschaepitz.

“Global stocks lost $3.3tn in mkt cap this wk as US equities — after peaking Thur morning — experienced steady fall lower as investors seem to reconsider why they have been buying risk assets in world filled w/so much uncertainty,” he told Twitter users on April 24:

3. Central African Republic Becomes the First in Continent to Adopt Bitcoin (BTC)
Despite strong volatility and price correction this year in 2022, Bitcoin (BTC) continues to see increasing global adoption. As per the latest reports, the Central African Republic becomes the second country after El Salvador to make Bitcoin (BTC) a legal tender. Binance CEO Changepeng Zhao also tweeted regarding the same.

This means Bitcoin shall now be accepted as a means of payment thereby making the Central African Republic the first in the continent, to make such a move. As reported by Forbes Monaco, the National Assembly unanimously adopted the bill thereby putting Bitcoin (BTC) at the center of its economic recovery.

 *Transforming CAF’s Digital Infrastructure* 

The recent development will pave the way for transforming the digital infrastructure of the Central African Republic. It will also give a major thrust to the implementation of the blockchain technology innovation essential for the project’s implementation.

The opposition parties in the CAF have also supported the move with the hope that digital assets would benefit the larger population of the country. The parliamentary groups Mouvement Cœurs Unis (MCU) and Mouvement National des Indépendants (MOUNI) have voted in favor of the law.
Countries that are facing mounting economic pressure are seeing Bitcoin and cryptocurrencies as a means to free them from their economic debts. It seems the snowball effect for Bitcoin adoption has just begun.

4. Bitcoin Turns Red, Why BTC Could Dive Below $39K.

Bitcoin started another decline below the $40,000 level against the US Dollar. BTC could extend losses if it stays below the $40,000 resistance zone.

* Bitcoin started another decline after it failed to clear the $40,000 resistance zone.

*The price is now trading below $39,500 and the 100 hourly simple moving average.

* There is a key bearish trend line forming with resistance near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).

* The pair could start a major decline if there is a close below the $38,800 level.
Bitcoin Price Gains.

 *Bitcoin Price Gains Bearish Momentum* 

Bitcoin price settled below the $40,500 level to move into a bearish zone. BTC traded below the $40,000 support level and settled below the 100 hourly simple moving average to move into a bearish zone.

The price even traded below the $39,200 support level. A low is formed near $38,700 and the price is now consolidating losses. An immediate resistance on the upside is near the $39,500 level. There is also a key bearish trend line forming with resistance near $39,500 on the hourly chart of the BTC/USD pair.

The next key resistance could be $39,700 or the 23.6% Fib retracement level of the recent decline from the $42,950 swing high to $38,700 low.

The first major resistance is now forming near the $40,000 level. The main resistance sits near $40,500 and the 100 hourly simple moving average. To start a strong upward move, the price must settle above the $40,500 zone and the 100 hourly simple moving average.

In the stated case, the price could even surpass the 50% Fib retracement level of the recent decline from the $42,950 swing high to $38,700 low.

 *More Losses in BTC?* 

If bitcoin fails to clear the $40,000 resistance zone, it could continue to move down. An immediate support on the downside is near the $39,000 level.

The next major support is seen near the $38,800 level. A downside break below the $38,800 zone could send the price towards the $37,500 support zone.

5. Indian Banks Seek Regulatory Clarity Over UPI Support For Crypto Trading:

Indian Banks have asked the National Payments Corporation of India (NPCI) to clarify its stance on the use of UPI and IMPS for crypto trading.

At a recent meeting, banks raised concerns over a lack of clear directives from the NPCI after the payments body asked banks to stop UPI for the trading of cryptocurrencies.

The NPCI raised questions on the acceptance of UPI for crypto trading after several crypto exchanges such as Coinbase, WazirX, and CoinDCX recently started using UPI to buy and sell cryptocurrencies. Moreover, it created confusion in the crypto community.

Indian Banks Seek Directives on UPI support for Crypto:

In a recent meeting, Indian banks have asked the NPCI to clear its stance on UPI use for crypto trading after it instructed banks to block UPI for crypto transactions, reported Economic Times on April 25.

However, a notice clarifying the use of UPI seems unlikely anytime soon, as there are “no intentions of any circular,” said an NCPI official.

 *Crypto Status in India After the NPCI Statement* 

The acceptance of UPI brought some relief to the crypto community after the government confirmed a 30% tax and 1% TDS on cryptocurrencies. However, the NPCI statement pushed back the sentiment, which resulted in a massive decrease in crypto trading volume across exchanges in India.

6. Bitcoin price analysis: BTC continues to consolidate, prepares to break above $40,000?

* Bitcoin price analysis is bullish today.

* BTC/USD saw another failure to break higher.

* Support at $39,200 is still strong.

Bitcoin price analysis is bullish today as we have seen further consolidation over the last 24 hours with rejection for the downside. Therefore, BTC/USD has likely established a strong enough base to rally higher over the next week.
The market has traded in the red over the last 24 hours with low volatility. The market leader, Bitcoin, lost 0.32 percent, while Ethereum 0.74 percent. The rest of the top altcoins followed close by.
 
 *Bitcoin price movement in the last 24 hours: Bitcoin moves sideways* 

BTC/USD traded in a range of $39,422.26 to $39,935.86, indicating low volatility over the last 24 hours. Trading volume has declined by 32.46 percent, totaling $15.7 billion, while the total market cap trades at $750.74 billion, resulting in a dominance of 40.97 percent.

 *BTC/USD 4-hour chart: BTC ready to break above $40,000?* 

On the 4-hour chart, we can see the Bitcoin price action rejecting the downside again over the last hours, likely leading to a break higher early next week.

The Bitcoin price action has seen a higher high set this week after an 11 percent rally to the $43,000 mark. From there, strong rejection for further upside was seen on 21 April 2022, followed by retracement over the next days.

BTC/USD quickly lost 8.5 percent to the $39,200 support, where the market has formed consolidation since. Considering the strong support right now, we expect that another higher low has been set, and more upside will follow soon.
Likely, once the Bitcoin price action moves back above $40,000, a lot more upside will follow. The next target of local resistance is relatively close by – at $46,000 and, if broken, would further indicate another strong rally incoming over the next week.

 *Bitcoin price analysis: Conclusion* 

Bitcoin price analysis is bullish today as we have seen further consolidation, forming a strong base. Therefore, BTC/USD should soon begin to rally and break above the $40,000 mark.

While waiting for Bitcoin to move further, see our articles on How to stake Shiba Inu on Metamask, How to buy Ankr, and Is Safuu a good investment in 2022.

7. Crypto Exchange Kraken Gains Abu Dhabi License:
Kraken, one of the largest crypto exchanges in the world, gained approval to operate in Abu Dhabi on Monday. The exchange joins a widespread push into the Middle East, amid growing crypto adoption in the region.

The move was revealed in an announcement by Abu Dhabi’s market registration authority. The exchange is the first to receive a license to operate a regulated, digital asset exchange from the Abu Dhabi Global Market financial centre, the regulator said.

The move comes amid increased efforts by the United Arab Emirates (UAE) to become the next crypto capital. Abu Dhabi had in 2018 passed crypto-friendly regulation, inviting ventures by several major crypto players.

 *Kraken sets up Middle East HQ in Abu Dhabi* 

Kraken, which has over 9 million users globally, set up its Middle East headquarters in Abu Dhabi, the markets regulator said.

The exchange received all the required clearances from Abu Dhabi’s financial regulator, and will “soon” allow investors to trade crypto directly in UAE Dirham.

Kraken’s approval also beats out that of world’s largest crypto exchange Binance, which only holds an in-principle license to operate in Abu Dhabi.

 *UAE attracts crypto investors*

But both Binance and Kraken recently secured licenses to operate in Dubai, another major financial hub in the UAE. The city had also recently passed crypto-friendly laws to attract more investment.

Binance established its global headquarters in Dubai. It is also among the few exchanges recently authorized to operate in Bahrain.

World no.2 crypto exchange FTX recently gained a license to operate in Dubai, and plans to set up its regional headquarters in the city. Smaller exchanges Bybit and Crypto.com also both recently gained licenses to operate in Dubai.

The UAE is ranked third in crypto adoption in the Middle East, behind Turkey and Lebanon, according to a 2021 report by blockchain analytics firm Chainalysis.

8. EU Agrees on Law to Curb Online Ads, Strip Illegal Content:

The European Union has agreed new laws to curb targeted online ads, remove illegal content and impose supervision and sanctions on the largest internet platforms.
In an all-day meeting Friday that ended in the early hours of Saturday morning, lawmakers, governments and the European Commission finalized provisions for the Digital Services Act (DSA), one of a range of laws intended to bring big tech companies like Apple and Meta to heel.

First proposed by the commission in December 2020, the DSA aims to restrict the ability of social networks, app stores and content-sharing platforms to target ads. It also requires sites to take down illegal content. The commission will have the power to inspect the algorithms of the very largest sites and search engines – those with over 45 million European users – and to impose fines as high as 6% of annual worldwide turnover.

The final legislation also seeks to outlaw “dark patterns” – when platforms use nudges or site design to push people into unwanted actions – a practice lawmakers and governments regard as deceptive and manipulative.
“What is illegal offline, should also be seen and dealt with as illegal online,” Margrethe Vestager, the EU commissioner responsible for digital issues, said in a video statement after the deal was finalized. “Democracy is back, helping us to get our rights and to feel safer when we’re online,” she said.

In March, the EU reached a legislative deal on the related Digital Markets Act, which seeks to stop big tech players unfairly curbing competition from smaller rivals.

9. GoCrypto Celebrates as Ljubljana Ranked Most Crypto-Friendly City in Europe

The adoption of crypto assets among individuals and businesses has been rapidly spreading over the last few years. It is no longer uncommon to treat yourself to a delicious meal or buy yourself a new pair of sneakers and pay for it in crypto. The blockchain-based payment technology has come incredibly far and its simplicity is amazing. This increasing real-life usage of crypto payments has brought the new-age payment option one step closer to the mainstream.

The well-known aviation company Fast Private Jet recently published an interesting study of the world’s best crypto-friendly cities. Surprisingly, the top crypto-friendly destinations were mainly situated in Europe, and the top spot of the best crypto-friendly city in Europe went to Ljubljana, the capital city of Slovenia.

Surpassing other most crypto-savvy cities like Vienna, Rome, Madrid, and Prague, Ljubljana earned the number one place as the most crypto-friendly destination with more than 137 businesses and 584 different locations accepting payments with digital coins and tokens.

Indeed, Slovenia boasts an astounding number of 1333 crypto-friendly bars and restaurants, shops, and sports venues, where crypto payments are accepted. The backbone of this futuristic payment method is the GoCrypto network, developed in 2018 by the Slovenian company Eligma.

10. Scam Alert: Fraudsters Pretend to Be Coinbase Customer Support to Steal Funds

A phishing site is attempting to scam Coinbase customers into parties way with their crypto

Blockchain security company PeckShield has detected a phishing site that aims to scam Coinbase users.

Fraudsters pretend to be customer support staff of the largest U.S. exchange in order to lure victims into giving approval to a fake address on their Coinbase Wallet application. 

At press time, users who have fallen victim to the scam have lost more than $86,700.

Phishing scams typically involve tricking users into revealing sensitive details (passwords, private keys, etc.) 

As cryptocurrencies are becoming increasingly popular, scammers are taking advantage of new opportunities. In 2021, scammers managed to steal more than $14 billion worth of crypto, double the record that was set in 2020, according to Chainalysis data.