News Updates August 08, 2022

1. Bitcoin likely to transition to a risk-off asset in H2 2022, says Bloomberg analyst
As the global economy moves into a recession in the second half of 2002, Bitcoin will likely rally alongside gold and treasury bonds, according to Mike McGlone, a senior commodity strategist at Bloomberg. 

Bitcoin is likely to transition from a risk-on to a risk-off asset in the second half of 2022, as the macroeconomic environment is rapidly shifting towards a recession, said Mike McGlone, senior commodity strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted:

“ I see it transitioning to be more of a risk-off asset like bonds and gold, then less of a risk-on asset like the stock market.”
According to the analyst, the crypto market has flushed out most of the speculative excesses that marked 2021 and it is now ripe for a fresh rally. McGlone also pointed out that the Fed's aggressive hiking of interest rates will lead the global economy to a deflationary recession, which will ultimately favor Bitcoin:

“I fully expect we're going to have a pretty severe recession globally, which probably will make Bitcoin shine [...] along with gold and U.S. Treasury long bonds."
Don't forget to check out the full interview on our YouTube channel and don't forget to subscribe! 

2. Top Crypto Strategist Issues Bitcoin Warning, Says BTC at Risk of Major Breakdown. 

A closely followed crypto analyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to the reversal of its recent uptrend.

Crypto strategist Kevin Svenson tells his 112,300 Twitter followers that he’s keeping a close watch on BTC’s relative strength indicator (RSI) on the one-day chart.

A closely followed crypto analyst and trader is warning Bitcoin holders that BTC is about to flash a signal that could lead to the reversal of its recent uptrend.

Crypto strategist Kevin Svenson tells his 112,300 Twitter followers that he’s keeping a close watch on BTC’s relative strength indicator (RSI) on the one-day chart.

According to Svenson, the momentum-tracking metric is about to roll over, which could be a cue that Bitcoin’s bounce from its low of around $17,600 is coming to an end.

“[The] 50 level on daily RSI is a ‘must-hold’ level for the bulls. All other times that we broke below the RSI uptrend line resulted in a major breakdown. We are very close to this level… Watch the 50 level on the daily RSI very closely right now. That’s the pivot zone from bull to bear, bear to bull during trends. We have to hold it to remain bullish. Falling below it results in a flush down usually.“

At time of writing, Bitcoin is changing hands for $23,308 while the daily RSI is hovering at 55.

The crypto analyst is also following the price action of Loopring (LRC), a protocol that uses zero-knowledge (ZK) proofs to ensure users’ privacy while transacting on public blockchains. According to Svenson, LRC can surge 2x from current prices due to its partnership with video game retailer GameStop.

3. Bitcoin (BTC) Price Analysis for August 8.

Monday has started bullish for the cryptocurrency market, according to CoinMarketCap's rankings.
On the local chart, Bitcoin (BTC) is approaching the recently formed resistance level at $24,200. If a breakout occurs, the price may get to the $24,500 zone by the end of the day.

On the bigger time frame, Bitcoin (BTC) has broken the $24,000 mark, which means that bulls are ready for a continued rise. If the daily candle closes near $24,445, it may lead to growth to the $25,000 area until mid-August. 
 Denys SerhiichukCan Bitcoin (BTC) remain bullish within next few days?
The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Monday has started bullish for the cryptocurrency market, according to CoinMarketCap's rankings.

The price of Bitcoin (BTC) has risen by 4.55% since yesterday.

On the local chart, Bitcoin (BTC) is approaching the recently formed resistance level at $24,200. If a breakout occurs, the price may get to the $24,500 zone by the end of the day.


On the bigger time frame, Bitcoin (BTC) has broken the $24,000 mark, which means that bulls are ready for a continued rise. If the daily candle closes near $24,445, it may lead to growth to the $25,000 area until mid-August.


On the weekly chart, bulls have continued their upward move. If they can hold the price of Bitcoin (BTC) above the $24,000 mark until the end of the week, there are high chances to see a test of the mirror level at $25,400 within the next few days.

4. Bitcoin (BTC) Bulls Pump Price Over $24K, Good Chance Of Rally To $27,000

Bitcoin (BTC) price pumps over $24k as demand soars amid strong retail and institutional buying. The latest CFTC’s CME Bitcoin futures report and over 1 million addresses buying BTC led to a 5% rally in the last 24 hours, with most upside movement coming in just the last 3 hours.

Crypto analysts believe the massive demand will likely push the Bitcoin (BTC) price over $27,000 due to little or no resistance in range and support over 50-EMA.

 *Bitcoin (BTC) Bulls Pushing Price Towards $27,000*

According to the CFTC’s latest CME Bitcoin futures weekly report, the total open interest dropped from 14,957 to 12,849. The institutional long positions are 9740 and the short positions are 10,321. It indicates that institutional long and short positions are balanced and the overall bias is bearish. However, the possibilities of entering at current levels are higher.

Meanwhile, large investors and retail investors are bullish on Bitcoin. Large investors have 1,085 long positions and 627 short positions, whereas retail investors have 1,085 long positions and 748 short positions.

Bitcoin is already above the $22.8k level, the key 200-weekly moving average. Also, the recent data shows BTC price trading stronger above the significant demand zone between $22,720 and $23,390. Almost 1.36 million addresses have added over 1 million BTC in the range.

5. Dozen Crypto Companies Await Portugal License Despite Bank Account Closures

The central bank of Portugal is now reviewing 12 requests from businesses that want to provide crypto-related services in the country. The applications are pending decision amid recent reports that some commercial banks are closing accounts of already approved operators.

 *Binance Among Cryptocurrency Platforms Seeking Authorization in Portugal*

Portugal’s monetary authority is currently evaluating requests submitted by 12 entities that intend to offer Portuguese clients services for virtual assets, Dinheiro Vivo unveiled. The crypto firms need a license from Banco de Portugal (BdP) to work in the country, still considered one of Europe’s most crypto-friendly jurisdictions.

Final decisions on the applications are expected by the end of the year. That’s unless the regulator asks the companies to provide additional information, in which case the deadline could be moved to 2023, the Portugal News English-language portal reported, quoting the business news outlet.

Among the applicants to enter the Portuguese crypto market is Binance, the world’s largest cryptocurrency exchange by trade volume. The digital currency trading platform has started to recruit talent in the country, having posted six vacancies on its Portuguese page, even though it’s still waiting for a green light from the BdP.

6. UAE To Clamp Down on Crypto Real Estate Money Laundering

The authorities want to trace payments made in bitcoin and ethereum as the country develops as a crypto hub

Real estate agents will have to alert money laundering authorities of any property sales paid for in crypto, the government of the United Arab Emirates (UAE) said in a statement on Monday.
With companies such as Bybit, Kraken, Binance and seeking to set up in the emerging crypto hubs of Dubai and Abu Dhabi, some real estate developers in the country had announced they would start accepting payments in bitcoin (BTC) and ether (ETH).

Now the government is looking to clamp down, to ensure that any real estate transactions must be reported to money-laundering watchdogs if they use virtual assets, or funds derived from virtual assets, for even a fraction of the home's value.
The new rules will leave "little or no room for manipulation or illegal practices that could negatively impact the work environment and the economy and investment" in the real estate and legal sectors, UAE Minister for Economics Abdulla bin Touq Al Marri said in a statement.

They would also require brokers, agents and law firms to file reports to the Financial Intelligence Unit, which is responsible for tracking dirty money, and would also apply when the buyer attempts to pay in cash worth over AED 55,000 (around $15,000). The government did not specify any threshold for virtual assets, implying even the smallest bitcoin transactions will be caught.
Global anti-money laundering standard-setter the Financial Action Task Force is attempting to clamp down on using crypto to launder the proceeds of crime or fund terrorism, including via the "travel rule," a controversial way of identifying and tracking payers.

7. Brazilian Congress Fails to Vote on Cryptocurrency Bill, Next Discussion Scheduled for September

The Brazilian Congress failed to address a proposed cryptocurrency bill this week. While the proposed public policy was indeed on the agenda, the deputy chamber focused on discussing bills that tend to other issues, including health and digital education problems. The digital currency bill is scheduled to be discussed again in September.

 *Brazilian Congress Sidelines Crypto Bill Discussion*

The Brazilian Congress, which had slated for this week the discussion and a possible vote of a proposed cryptocurrency bill, sidelined it to deal with other legislative issues. The deputy chamber, who had recently came back from a vocational period, discussed other bills that included health plans, digital education, and prisoner issues.

The next period of time in which the deputy chamber will be able to discuss this bill will be in September, due to the proximity of the general presidential and legislative ballot. This means that deputies will be focused on their individual campaigns in each of their states, leaving just these periods of time to develop lawmaking duties. These periods are known as concentrated effort windows.

Some parts of the crypto-focused bill have already been cut, including the tax exemptions for green mining companies, as the rapporteur of the law, Expedito Netto, stated that these matters should be addressed in subsequent laws that deal with clean energy issues.

8. Is It Finally Time To Buy Bitcoin ( BTC)? Key Indicator Turns Bullish

The Bitcoin On-Balance Volume (OBV) is an important accumulation-distribution metric that aids investors in making trade decisions. The crypto markets are witnessing a protracted period of accumulation for Bitcoin.

Nonetheless, analysts have noted that we could be seeing the end of the current accumulation period. Data from the BTC OBV metric supports this. As a consequence, a distribution phase is set to follow imminently, as the markets follow an uptrend.

 *Breakout in Bitcoin price OBV*

Taking to Twitter, a pseudonymous analyst, Titan of Crypto, brought the community’s attention to the status of the OBV. Taking into account historical data from way back 2012, a breakout in the OBV’s trendline indicates an end to accumulation.

After surging above $1.1k in November of 2013, BTC began shedding the gains picked up in the past months as it marched to 2014. The bears took charge of the game until 2017 when the asset rallied, reaching a peak above $16k before cooling off. The distribution period began with a breakout of the OBV.

9. Taiwan could change its crypto trade perspective with the change of the Ministry of Digital Affairs.

Taiwan’s government cabinet was recently changed, attracting new minds who seem to support the crypto market. According to reports, the Ministry of Digital Affairs, Tang Audrey, spoke briefly about the crypto flexibility in the face of the conflicts with China.

Also, the cabinet and the service companies in Taiwan reported on their technological advances and the multiple problems they have faced due to cyber-attacks. Everything indicates that Taiwan will change its way of seeing crypto and will be much friendlier with the market in the coming years.

Several days have passed since the government agency appointed Tang Audrey as Ministry of Digital Affairs (MODA). Tang invites the cabinet in Taiwan to adapt and link to the crypto market and not try to supervise and even regulate it. The conference where Tang spoke was created by the Digital Taiwan Roundtable firm that curiously presented her with an award that looked like an NFT.

Tang insists that her ministry, MODA, is obligated to create flexibility to increase virtual evolution. This would also boost competition in the country within a vast virtual community that feels more empowered every day.

The 41-year-old agent has brought a new perspective on crypto trading to her ministry with the sole purpose of Taiwan taking advantage of it and not trying to evade it. Tang founded her own technology company when she was only 16 years old, so she has enough experience in the field.

10. US ethics advisory on federal employee's crypto has basis in legislation
The Office of Government Ethics reminded federal agency ethics officers of current law and extended its interpretation of the law to mutual funds.

When the United States Office of Government Ethics (OGE) released its Legal Advisory 22-04 on July 5, most attention was given to its conclusion that federal employees who own any amount of cryptocurrency or stablecoins whatsoever may not participate in regulation and policymaking that concerns crypto. The legal advisory (LA) raised some eyebrows, as de minimis exemptions, threshold amounts below which assets holdings are permissible, are common in the government. The LA is more comprehensible when seen in a larger context.

What they were thinking
The OGE does not grant interviews, so it was fortunate that a video of OGE Senior Associate Counsel Christopher Swartz discussing the LA appeared on the office’s YouTube channel the day after Cointelegraph made an inquiry. Swartz discussed several points in detail, emphasized that the LA is an interpretation of current law to aid in its application to federal employees and “understand the law as it exists.” The OGE has no position on digital assets in general.

The OGE issued an advisory in 2018 on federal employees’ disclosure of crypto assets. In light of the growing adoption of cryptocurrency by the public and federal employees, Swartz explained:

“We realized it was now ripe for us to revisit this area, make sure we have established ground rules particularly as it relates to the conflicts of interest law, which is a criminal law.”

11. Hong Kong Police Publish Details of USDT Fraud Case in Effort to Raise Public Awareness of Crypto Scams 
Cryptonews News Hong Kong Police Publish Details of USDT Fraud Case in Effort to Raise Public Awareness of Crypto Scams

Police in Hong Kong have begun publishing details of crypto fraud cases – in the hope that the public will take valuable lessons from cases that have seen people lose thousands of dollars to crypto villains.

Per Takungpao, the move is part of the Eastern District police force’s “Operation Shield” program – a drive aimed at “raising awareness of fraud and fraud prevention.” Officers stated that fraud cases are on the rise in Hong Kong, with crypto scams a particularly fast-growing trend.

The police stated that, on average, fraudsters claim a cumulative USD 2.5m per day from Hong Kong-based victims.

The program will see the police publish details of cases in a monthly magazine – and began with the case of an engineer who was allegedly stung by crypto scammers to the tune of almost USD 1m.

The victim, police stated, came to a police station to file a report on July 23 this year, explaining that he had been approached by fellow users of the social media and chat app platform WeChat. These individuals had introduced him to what turned out to be a “fraudulent virtual currency investment platform” that offered investors high returns.

The bogus platform appears to have been highly sophisticated in nature. The engineer explained that he had “opened an account” on the platform, “as instructed by customer service.”

Over the course of 10 days in July, the police explained, the engineer then proceeded to make 28 tether (USDT) deposits to what later turned out to be “numerous puppet accounts held by the fraudsters.”

At first, the victim seemingly believed that his “investments” had paid off, as the platform’s interface appeared to show that he was making profits. At this point, “he was not suspicious,” officers continued.

But matters promptly soured when the engineer attempted to quit while he was ahead. He attempted to withdraw his funds, but was promptly “asked to pay a huge handling fee.”

Soon his “so-called ‘investment account’” was suspended, and the victim’s funds – reportedly half of his life savings – evaporated into nothing.

Scams involving USDT and other USD-pegged stablecoins have been on the rise in both Hong Kong and Mainland China in recent years.