News updates December 20, 2021
1. Bitcoin News
Bitcoin (BTC) starts a new week with analysts looking for a bottom — but one which may not mean a dip to $40,000 or lower.
After an unremarkable weekend, Bitcoin bulls now face a fresh week of bearish sentiment across the global economy as risk appetite stays tepid.
Amid the lack of a "Santa rally" for practically anyone, there seem to be few triggers to help BTC/USD return higher in time for the new year. At the same time, on-chain metrics remain strong, and miners are refusing to spend.
With Christmas almost here, Cointelegraph takes a look at what to look out for this week when it comes to assessing where Bitcoin may be headed.
2. US Government Seized 1,700x More Crypto in 2021 than 2019
The IRS has seized $1.2 billion worth of crypto in 2021.
The figure has grown consistently since 2019, with $700,000 and $137 million seized in 2019 and 2020.
This number will likely increase as the U.S. government begins laying out regulations.
3. Jay Clayton Mentions That He Believes in Crypto Technology
Jay Clayton, the former chairman of the Securities and Exchange Commission(SEC), was appointed for the said position by Donald Trump, US President, in 2017. Clayton kept supporting Bitcoin (BTC), counting it as valuable assets during his tenure while heading SEC. Jay mentioned bitcoin along with the importance of its control in the future during his appearance for CNBC’s Squawk Box broadcast
The former head said he believes in crypto technology along with its efficiency and benefits for the finance industry and tokenization are immeasurable. Views by Clayton come after the present SEC head, Gary Gensler, stated that the SEC does not have any intentions to prohibit crypto coins but that Congress will place regulations. Gensler did caution that cryptocurrency, which is running high in the market, is akin to the Wild West having no adequate regulation.
4. Business Bank of England to Ramp Up Talks on Crypto Regulations
The Bank of England is finding difficulty to acquire information on institutional exposure to crypto, and plans to ramp up the pace of international talks on establishing a regulatory regime for the assets.
According to Sarah Breeden, the BOE’s executive director for financial stability strategy and risk, the growing number of banks offering crypto trading and custody for clients requires global rules to protect the financial system. Collecting the requisite data is not something the U.K. can achieve alone, she stated.
5. Bitcoin ranging between $46k to $49k as the biggest crypto asset struggles to find its direction
Inflation is the Problem, Bitcoin is the Solution
Bitcoin continues to keep the market guessing with its range bound price action. The crypto market is far from being overheated and market sentiment is weak.
6. South African Investor to Buy Majority Stake in Collapsed Africrypt Firm
Unknown investor offered to buy a 51% stake at Africrypt, the defunct cryptocurrency investment company. The purchase price was approximately R75 million. The investor is asking for an end to all criminal proceedings against Africrypt directors in return for the offer.
7. INDIAN LAWMAKER SAYS CRYPTO MUST BE BLOCKED IF USED FOR ILLEGAL PURPOSES
India’s minister of state for external affairs says that cryptocurrencies must be blocked if they are used for illegal purposes, such as “to launch cyber-attacks in India, to launch other attacks on India, to do other kinds of illegal and unethical work like drug trafficking.” Meanwhile, the Indian government is reportedly making changes to the crypto bill that is listed to be taken up in the current session of parliament.
