News Updates July 19, 2022
1. Over $600 Million Liquidated as Bitcoin’s Price Soars Towards $23K.
Bitcoin is beginning to rally following Ethereum’s surge on Monday.
The crypto market continues its momentum this week, now soaring up towards $23,000 – a price point it hasn’t seen in over a month. The sudden surge has liquidated over $600 million in trades.
As indicated by Coinglass.com, about $630 million has been liquidated from the crypto market within the last 24 hours. More than half of that value – $377 million – was cleared from ETH trades, given Ethereum’s especially pronounced bounce from Monday.
Some suspect that Ethereum is rallying due to excitement about Ethereum’s Merge update, which has now been given a specific date of arrival.
Bitcoin now appears to be showing its own unique momentum. Trading at $22,460 at 15:20 UST, it quickly surged to $23,160 just 16 minutes later. At the time of writing, it trades at $22,853.
2. BTC Skyrockets to $23K, Here’s the Next Target if Bulls Maintain Momentum (Bitcoin Price Analysis)
Bitcoin’s rapid downtrend has halted, as the price has been hovering above the $17K-$20K area over the past few weeks. After getting rejected three times from the $20K support zone, the price is currently retesting the $23K resistance level.
Technical Analysis
The Daily Chart
Presently, the 50-day moving average is acting as an additional resistance at the $23K level. It seems like these two points are currently rejecting the price to the downside, and in this case, another retest of the $20K support level and even a deeper bearish continuation is anticipated. Although, the bulls appear eager to claim the level.
Therefore, the price action on the lower timeframes should be carefully observed in the next couple of days to determine the probability of a bearish reversal against a bullish breakout. Particularly if a bullish breakout above the $23K-$24K occurs, a rally towards the $30K supply zone wouldn’t be out of reach.
The 4-Hour Chart:
On the 4-hour timeframe, it is evident that the price is still trapped inside the bearish flag pattern and is currently retesting the top trendline of the pattern for the fourth time. The price action in this area has been showcasing some weakness. Moreover, the RSI indicator’s bearish divergence, formed between the two last highs, backs up this observed weakness.
Therefore, the more likely outcome is a rejection from the current resistance level leading to a bearish continuation towards $17K and beyond. However, this scenario would be invalid if the price breaks the upside pattern and holds above the $24K level. In this case, a bullish leg towards the $30K supply zone would be highly probable.
3. Miners sold 14K Bitcoin worth $300M on July 15, largest dump since January
Data from CryptoQuant shows that Bitcoin worth over $300 million was sold by miners within a 24 hour period on July 15.
Numbers from blockchain analytics firm CryptoQuant showed that miners sold 14,000 Bitcoin (BTC) worth roughly $300 million on July 15, the largest amount sold since January.
A sell-off trend among miners started in early June, and the amount sold has been growing.
Energy problem
Miners are mostly forced to sell because the bearish Bitcoin prices don’t compensate for the energy spent mining.
According to numbers, all mining equipment produced before 2019 is not profitable as long as Bitcoin remains around $20,000. In addition, the Russia-Ukraine conflict has also increased energy prices, which is not helpful to the miners.
A recent study showed that public mining companies sold 30% of their Bitcoin reserves in the first four months of 2022 to survive the bear market.
4. FIRST FEMALE UFC FIGHTER TO BE PAID IN BITCOIN THROUGH BITWAGE PARTNERSHIP.
In partnership with Bitwage, Luana Pinheiro will become the first female UFC fighter and first Latin American athlete to receive her paycheck in bitcoin.
Luana Pinheiro will become the first female UFC fighter to be paid in bitcoin through a partnership with Bitwage.
Pinheiro joins her boyfriend Matheus Nicolau who previously adopted a Bitcoin Standard this past March through Bitwage.
Bitwage is a payroll service provider that allows anyone in the world to convert their paycheck into bitcoin without employer consent.
Bitwage, a payroll service provider specializing in bitcoin and other cryptocurrencies, has partnered with Luana Pinheiro making her the first female Ultimate Fighting Championship (UFC) fighter to be paid in bitcoin, according to a press release sent to Bitcoin Magazine.
5. US Justice Department Seizes $500K in Ransom Payments and Crypto From North Korean Hackers
Deputy Attorney General Lisa Monaco said the FBI has identified a new type of ransomware used by the state-sponsored hackers.
The U.S. Justice Department has seized about $500,000 in ransom payments and cryptocurrencies from North Korean government-backed hackers, U.S. Deputy Attorney General Lisa Monaco said in a speech at Fordham University in New York on Tuesday.
U.S. officials believe the hackers either extorted the money from U.S.-based health care organizations or used the money to launder ransom payments.
The North Korean hackers targeted medical providers in Kansas and Colorado last year, encrypting computer systems that operated key equipment, Monaco said. The incidents came to the attention of U.S. officials when an unnamed medical provider in Kansas reported them to the FBI.
The Kansas complaint helped the FBI identify a new type of ransomware used by the North Koreans and allowed the bureau to seize ransom payments and cryptocurrencies from China-based money launderers hired by the North Koreans, according to Monaco. She urged other U.S. organizations and companies to report similar incidents to the FBI.
The seizures were aided by investments that the FBI, Secret Service and Treasury Department have made in tracking crypto payments to cybercriminal groups, according to Monaco.
Earlier this year, the FBI assembled a new task force of cryptocurrency experts that focuses on blockchain analysis and digital money seizures.
In March, the U.S. government linked North Korean state-sponsored hacker Lazarus Group to a $625 million theft of cryptocurrency from the Ronin bridge linked to popular play-to-earn game Axie Infinity.
6. Indian Exchanges Hold Meeting to Discuss Way Forward After Crypto Advocacy Body is Dissolved: Sources
The meeting is currently underway and at least 10 major exchanges are involved in the deliberations.
India's biggest crypto exchanges are meeting in Bengaluru, the tech capital of India, to recalibrate their plans for the industry, according to multiple sources.
This comes after the Blockchain and Crypto Assets Council (BACC), the advocacy body that represented the industry, was disbanded last week by its parent, the Internet and Mobile Association of India (IAMAI).
On Monday, in what was the first official confirmation of the position of India's central bank, the country's finance minister confirmed that the central bank wants to prohibit cryptocurrencies.
At least 10 of India's largest crypto exchanges and their representatives are in the meeting, still underway at press time, a source said.
We have always valued our association with IAMAI, however we are also shocked and disappointed with their sudden decision," Sumit Gupta, co-chair of the now defunct BACC, said in a written statement on Tuesday, adding that crypto advocates like him will "continue to double down" on their efforts. Gupta is also the co-founder and CEO of CoinDCX, one of India's prominent crypto companies.
"With BACC, we were able to bring the crypto industry together and work on many key projects to build confidence in the industry... Our stated belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns around user protection and to advocate progressive regulations. Notwithstanding the current situation, as an Industry we will continue to positively engage with all stakeholders," Gupta said.
The crypto industry coming together like this for a meeting is a first since crypto in India was hit by several blows including the imposition of stiff taxes, payment processors cutting off exchanges, trading volumes crashing, a global bear market, central bank's desire for a ban, and the finance ministry's position on waiting for global consensus before framing regulation.
Details on the outcome of the meeting are expected later on Tuesday.
7. Gemini Teams Up with Pyth Network to Offer “Trusted” Crypto Market Price Data
Digital asset firm Gemini recently revealed their upcoming partnership with the Pyth network in order to “bring accurate and trusted on-chain market data to users across the globe.”
As a data publisher to Pyth, Gemini is delighted “to continue contributing to the growth of the DeFi ecosystem by providing [their] real-time price information to protocols and projects on-chain, courtesy of Superlunar — a Gemini web3 research & design studio — which automated the extraction of the pricing data.”
At Gemini, they provide customers “with accurate, real-time data on crypto prices, and we are delighted to integrate with Pyth to expand access to critical market data.”
The Pyth network is “a specialized oracle solution for latency-sensitive financial data that is typically kept within the ‘walled gardens’ of centralized institutions.” It operates “one of the largest and most reliable oracle networks, deriving price data from more than 65 leading institutions, both in crypto and traditional finance.”
Gemini’s forthcoming partnership with the Pyth network to bring valuable financial market data to DeFi applications and the general public “directly aligns with our mission to unlock the next era of financial, creative, and personal freedom.”
Gemini’s forthcoming partnership with the Pyth network to bring valuable financial market data to DeFi applications and the general public “directly aligns with our mission to unlock the next era of financial, creative, and personal freedom.”
Stephen Kaminsky from Special Projects at Jump Crypto, one of the leading organizations helping to build the oracle, stated:
8. Crypto fund manager Fintonia Group secures provisional Dubai license
* Singapore’s Fintonia Group, a crypto fund manager that also invests in fintech as a venture capital investor, has secured a license to operate in Dubai.
* It joins a growing list of crypto firms licensed to operate in the Emirate by its digital asset regulatory authority VARA
Singapore-based Fintonia Group said it has obtained a license to operate in Dubai amid a global move by crypto firms into the UAE.
According to an announcement from Fintonia, the fintech investor and fund manager specializing in the digital asset space was granted the license by the Dubai Virtual Asset Regulatory Authority (VARA). This is in addition to its regulated status by the Monetary Authority of Singapore. In Singapore, it currently offers loans secured against bitcoin collateral along with two institutional-grade bitcoin funds.
With the regulatory ruling, the company plans to boost its presence in the UAE and expand its team in Dubai while providing treasury and balance sheet management services to token foundations, protocols and bitcoin miners among other players. It expects to expands upon this for web3 companies based in the Middle East.
Dubai is making significant strides towards establishing itself as a virtual assets hub and creating a conducive environment for the industry’s growth and we are very pleased to be part of this rapid growth," said Fintonia Group founder Adrian Chng. "The virtual asset license marks an important milestone in our aspiration to have a presence in every region where there are innovative Web 3.0 and crypto companies
The latest ruling means that Fintonia joins a growing list of crypto and digital asset companies approved to operate in Dubai. VARA, the overseer of the crypto industry in Dubai, set up shop in March this year and has made steps to appear crypto-friendly, for instance by announcing plans to launch a metaverse headquarters in The Sandbox virtual world.
Charged with managing Dubai’s growing virtual asset industry, it has already handed out licenses to top crypto companies such as Crypto.com, FTX and Binance, all of which will base their regional hubs in the Emirate. Most recently, it gave crypto trading app OKX a provisional license to operate in the territory.
