News updates February 13 2022
1. Bitcoin price analysis: BTC consolidates below $42,500, ready to move lower?
* Bitcoin price analysis is bearish today.
* BTC/USD broke $42,500 local support yesterday.
*Consolidation continues since midnight.
Bitcoin price analysis is bearish today as we have seen another push lower over the last 24 hours break the $42,500 local support. Therefore, BTC/USD is likely headed even lower, with the next support around $41,000 likely being the target.
The market has seen more downside over the last 24 hours. The leaders, Bitcoin and Ethereum, have lost 3.82 and 7.54 percent, respectively. Meanwhile, the rest of the major altcoins have seen an even more substantial decline.
2. Top 3 NFT-Based Token by Volume: GALA, SAND, and MANA
*Gucci, the luxury fashion brand, announced its official entry into the metaverse.
*The Sandbox (SAND) price reverses the previous two sessions’ low.
Gala (GALA)
In the Gala Games ecosystem, players may hold non-fungible tokens (NFTs) and influence the administration of games. GALA’s price rebounded 112 percent from its low support of $0.18 last week. Celebrities like rapper Snoop Dogg, who released a new album on the GALA coin music shop in conjunction with the rising popularity of peer-to-peer (P2P) gaming, have helped to reinforce the rally.
According to CoinMarketCap, the Gala price today is $0.316823 USD with a 24-hour trading volume of $1,225,020,967 USD, with a live market cap of $2,210,541,335 USD.
The Sandbox (SAND)
With just modest advances, The Sandbox’s (SAND) price has reversed the lows of the previous two sessions. The present price activity signals a pause before a distinct direction is established. Near $5.0, Sandbox has encountered heavy opposition. Furthermore, as an added sign of its commitment to the metaverse, Gucci purchased a virtual parcel of land on the Sandbox.
According to CoinMarketCap, The Sandbox price today is $4.27 USD with a 24-hour trading volume of $1,204,285,516 USD.
Decentraland (MANA)
A virtual reality platform powered by the Ethereum blockchain, Decentraland (MANA) enables users to create, enjoy, and sell digital content and apps. The price of Decentraland (MANA) has continued to fall after it tested the February 9 low point. But on Saturday, MANA paused at the 50-day SMA at $2.91, which is a critical level. The underlying bullish trend in the pair is clearly seen in the technical setup.
According to CoinMarketCap, the Decentraland price today is $2.96 USD with a 24-hour trading volume of $859,978,454 USD.
3. South Korea Jails Seven Masterminds of Country’s ‘Largest Crypto Fraud Scheme’
Seven former masterminds of the now-defunct scam crypto exchange, V Global, were recently given jail sentences for their part in misappropriating nearly $1.9 billion in investors’ funds. Lee Byung-gul, who was the CEO of the entity when the funds went missing, was handed a 22-year jail term while his accomplices were given jail sentences that range between four and 14 years.
4. Canada Set To Become Crypto Power House With The Introduction Of A New Cryptocurrency Bill
Member of the Canadian House of Commons, Michelle Rempel Garner, proposed Bill C-249, to encourage growth in the cryptocurrency industry in Canada. The bill would require members of parliament to interface with industry leaders in order to create suitable regulations.
5. Spain Modifies Tax Model 720, Used to Declare Cryptocurrency Holdings Abroad
The Spanish parliament has introduced an amendment to the tax model 720 used to declare cryptocurrency and other holdings abroad, softening some of the penalties associated with it. The modification, which has not yet been approved, changes some of the harsher penalties that were declared illegal by the Court of Justice of the European Union last month.
An amendment of the tax model 720, which forced taxpayers to disclose crypto and other kinds of asset holdings outside of the country, was introduced in the Spanish Parliament on February 10th. The antifraud law which was approved last June dictates that cryptocurrencies abroad would have to be declared using this model.
The proposed amendment seeks to eliminate certain penalties in the previous model 720 that were declared illegal by the Court of Justice of the European Union last month. According to the old structure, debtors could pay up to 150% of their holdings abroad depending on the circumstances. Also, taxpayers had to pay fines of 5,000 euros ($5,675) for giving inexact, fake, or incomplete data in the digital currency tax statement. These tax debts never became prescribed, meaning that even after years the debtors would have to pay the accumulated debt.
6. Metaverse is booming, bringing revolution to real estate
The popularity of buying and selling digital property means companies like the Metaverse Group work, for the most part, on the same type of tasks related to buying, selling and marketing as a traditional real estate company. As prices rise and buyers seem frenzied over virtual land — some express skepticism that investing in digital real estate will prove to be prudent down the road.
Yet despite the high prices, interest in metaverse real estate continues to grow, especially as the coronavirus pandemic has driven more people online and made them more apt to virtually socialize. Those interested in metaverse real estate also have competition, namely celebrities who have not been shy about touting their digital real estate activity.
