News Updates June 26, 2022

1. Analyst Who Nailed May 2021 Bitcoin Collapse Unveils Massive BTC Price Target – Here’s How Long Traders May Have To Wait

The closely tracked crypto strategist who accurately called Bitcoin’s May 2021 crash says he could see BTC rising exponentially in the coming years.

Dave the Wave tells his 118,000 Twitter followers that based on his logarithmic growth curve (LGC) model, Bitcoin could potentially witness an increase of over 1,100% over the next four years.

Looking at the chart, the crypto strategist predicts a sustained Bitcoin rally to $260,000 by 2026.

In addition to predicting the May 2021 collapse, Dave the Wave also called BTC’s capitulation to around $25,000 in April this year when Bitcoin was trading at around $43,000. In both instances, the crypto strategist relied on the LGC model.

Dave the Wave highlights that the LGC has been predicting the tops and bottoms of BTC since 2018.

Well, unsurprisingly, they were thought [to be conservative] in 2018 when first employed. That price has now tracked the height and depth of those curves for a good few years should make them less surprising…. though perhaps still undesirable for some.”

As for his short-term outlook on Bitcoin, the analyst says BTC is gearing up to rally to his target at $25,000.

“Bitcoin in the longer-term buy zone for investors. Technical analyst on the shorter-term [always more specualtive] – $25,000 target.”

At time of writing, Bitcoin is changing hands for $21,442, in the green for less than 1% in the past day.

2. Crypto Market Cap Nears $1 Trillion as BTC Reclaims $21K (Market Watch)

 *The crypto market cap is close to $1 trillion once again, as bitcoin has remained above $21,000.* 

Bitcoin’s consolidation continues as the asset has stalled above the $21,000 level. Most altcoins have also calmed today after the recent volatile ride, with the most impressive gains coming from Cardano and Dogecoin.

 *Bitcoin Stands Tall Above $21K*

Following the massive turbulence and substantial price declines BTC experienced in the middle of June, the past seven days brought some sort of a recovery phase for the asset. Just last Sunday, it plummeted to an 18-month low of $17,500.

However, Monday started on a better note as the cryptocurrency bounced off and even neared $20,000. Although it failed to reclaim that level at first, it did so a few days later.

Thus, BTC found itself trading above $21,500, a weekly high, as the bulls tried to regain control over the market. Bitcoin was rejected there at first and slipped below $20,000 after Fed Chair’s latest affirmation about continuing to raise the interest rates.

Since then, the asset has gradually reclaimed some value and is close to $21,500 once again as of now. Its market cap has remained above $400 billion, but the dominance over the alts is under 42.5%.

3. Small-time investors achieve the 1 BTC dream as Bitcoin holds $20k range

With BTC recently trading at the $20,000 range for the first time since 2020, small-time investors found a small window of opportunity to achieve their dream of owning at least 1 Bitcoin.

Ever since early Bitcoin (BTC) investors woke up millionaires as the ecosystem gained tremendous popularity alongside the mainstreaming of the internet, investors across the globe have been in the rush to accumulate as many of the 21 million BTC — one Satoshi at a time.

With BTC recently trading at the $20,000 range for the first time since 2020, small-time investors found a small window of opportunity to achieve their dream of owning at least 1 BTC. On June 20, Cointelegraph reported that the number of Bitcoin wallet addresses containing one BTC or more increased by 13,091 in just 7 days.

While the total number of addresses holding 1 BTC saw an immediate reduction in days to come, the crypto community on Reddit continues to welcome new crypto investors that hodled their way into becoming a wholecoiner.

Redditor arbalest_22, who shared the above screenshot, revealed that it took him around $35k in total to accumulate 1 BTC over several months since February 14, 2021. Showing further support for the Bitcoin ecosystem, the Redditor aims to continue procuring Satoshis or sats until he accumulates over 2 BTC. 

Arbalest_22 started purchasing BTC from crypto exchange Coinbase but later started using Strike owing to lower fees. Sharing a peek into his future plans, they stated:

Following suit, another Reddit user Evening-Main-5860, too, posted about being able to 1 BTC after largely following a dollar-cost averaging (DCA) strategy, wherein they regularly bought smaller amounts of BTC over a long period of time, stating:

Between June 15 to June 25, the total number of Bitcoin wallet addresses holding more than 1 BTC grew by 873, according to Glassnode data.

 *Bitcoin dead’ Google searches hit new all-time high*

While falling BTC prices are seen by many as an investment opportunity, Google search trends highlight the tendency of other investors to speculate about its demise.

4. EU Regulators To Finalize Two Major Regulations by End of June

* Two major EU regulations are said to be finalized by the end of June.

* EU institutions are still debating whether or not NFTs should be included in the scope of the MiCA bill.

* After talks, regulations will then be voted on formally in the plenary of Parliament before coming into force.

Two of the most important EU crypto regulations, which will have huge implications for the crypto market and the EU beyond, are about to be finalized.

The two EU regulations that will be finalized by the end of this month are MiCA, which is the Proof of Work (PoW) ban, and TFR, which relates to unhosted wallets.

The three main EU institutions – the Council, Parliament, and Commission – will have their last and concluding political trialogue meeting next Thursday on June 30 regarding the landmark MiCA bill.

The Council and Parliament were initially against the Commission’s proposal to include them in the scope of MiCA for consumer protection reasons, but seem to have accepted the proposal for now.

It is believed that the likely outcome will be a compromise where NFT issuers are mostly exempted, but companies such as marketplaces providing services on top of third-party NFTs are not. A last-minute extension of MiCA’s scope will require these companies to apply for a CASP license. However, small volume platforms may not have to.

The involved regulatory parties are confident that they will conclude all negotiations relating to the two regulations proposed by the end of June. From there on, the adopted compromise will then be voted on formally in the plenary of Parliament before MiCA comes into force.

5. Japanese Virtual IP Firm Raises $10 Million to Accelerate Metaverse Business

Brave Group Inc., a Japanese virtual IP firm, recently said it had raised $10 million in new capital and that the company expects to use part of these funds to boost its “solution services for clients in the metaverse marketing business.” Taking part in Brave Group’s latest funding round were two local companies, foreign investment funds, as well as individual investors.

 *Metaverse Market Growth*

A Japan-based virtual IP business, Brave Group Inc., recently said it had raised $10 million in new funding, thus bringing the total raised so far to $18 million. The company is set to use the new capital to strengthen its existing business operations and to “expand its solution services for clients in the metaverse marketing business.”

In a recent statement, Brave Group revealed that Japanese companies like Dawn Capital and Osaka Gas Co. Ltd. had participated in the round that also featured “foreign investment funds and individual investors.” In remarks following the announcement of the capital raise, Kazuhiro Ishikura, a general partner at Dawn Capital, said:

For his part, the CEO of Brave Group Inc., Keito Noguchi, said through the $10 million fundraise, his company would now “maximize the impact of Brave group’s IP not only in Japan but also in the world.

6. CBDC Ensures Nigeria Remains Competitive in Increasingly Digital World — Central Bank Governor.

The governor of the Central Bank of Nigeria (CBN) has insisted the recently introduced e-naira digital currency can potentially boost trade and investment activities in the country. He added the digital currency “would be necessary in the future to ensure Nigeria is competitive as the world becomes increasingly digital.”

7. How to Delete a Coinbase Account: a Step-by-Step Guide.

How to Delete a Coinbase Account
Before getting into the step-by-step process of deleting a Coinbase account, it’s important users first ensure they have no funds on the cryptocurrency trading platform. IF they do, it’s advisable they either move them to another cryptocurrency exchange or a wallet they control.

 It’s also important to point out that deleting a Coinbase.com account will automatically delete a Coinbase Pro account as well. While the exchange is merging both platforms into a single one, understanding what will happen is important.

To delete a Coinbase account, users must first visit their profile pages on the cryptocurrency exchange from a web browser. On the menu that will appear, users will have the option to close their accounts. After going through it, their Coinbase account is deleted.

8. Hardware Worth $1.9 Million Stolen in Russia’s Crypto Mining Capital.

Russian law enforcement is looking into the alleged theft of mining hardware valued at around $1.9 million. The powerful computing equipment disappeared from a crypto mining hotel in Irkutsk, the owners of which have been accused of large scale fraud.

100 Russians Lose Mining Machines Worth 100 Million Rubles
Police in the Russian Irkutsk Oblast have launched an investigation of the operators of a mining hosting facility suspected of defrauding clients and stealing their expensive coin minting hardware, Tass news agency reported, quoting the region’s Main Directorate of the Interior Ministry.

In anticipation of quick earnings, the miners handed over their devices to those who were running the mining hotel, law enforcement officials explained. At some point, the latter stopped all payments to their customers and failed to return the expensive machines.

“A criminal case was initiated based on these facts under part 4 of article 159 of the Criminal Code of the Russian Federation (large scale fraud). Various material evidence, including computer equipment and documentation, was seized from their office,” a statement detailed.

The investigators have been able to establish that between November 2021 and May 2022, the suspects lured people who wanted to install their coin minting hardware in a mining hotel. They were offered renting and electricity prices that were far below the actual market rates.

At the same time, they urged the miners to hand over their equipment as quickly as possible, citing limited renting space. The owners of the mining rigs were not told where their devices were going to be located and only representatives of the hosting service had access to the mined coins.

9. Netherlands-Based Coinbase Customers Required to Submit KYC Data When Transferring Crypto off the Platform

Coinbase has announced that the company plans to introduce a number of changes for customers in the Netherlands in order to comply with the 1977 Sanctions Act, a law that recently applied know-your-customer (KYC) guidelines to non-custodial wallets. If the person living in the Netherlands wants to send crypto to a third-party wallet via Coinbase, they must identify the wallet owner’s name, the purpose of transfer, and the full residential address of the recipient.