News Updates June 28, 2022

1.  Bitcoin Was in This Undervalued Territory Only 3% of Its Existence. 

Bitcoin’s price is trading below the 200-day moving average. Data shows that it has spent only 3% of its time under this critical level.
The cryptocurrency market has decreased tremendously over the past few weeks and the bulls have so far been unable to recover convincingly. Fortunately, Bitcoin’s price managed to reclaim the critical $20K level, but analysis shows that it’s still in a territory that’s considered to be significantly undervalued.

Will Clemente, a well-known cryptocurrency analyst, took it to Twitter to reveal that BTC can be considered “incredibly cheap right now.”
He based his opinion on historical analysis – the cryptocurrency is currently trading below the 200-day moving average and this has only happened for about 3% of its entire existence.
Bitcoin is incredibly cheap right now.

It has only traded this far below its 200-day trend and its aggregated cost basis for 3% of its entire existence.

2. Bitcoin price analysis: Rejection from $21k hints at more downside below $19k

Bitcoin price analysis shows repeated rejections from $21k level
BTC/USD can drop below towards $19k once sellers reappear
High volatility and volume can play spoilsport for the buyers

Current Bitcoin price analysis shows that BTC/USD is going down under once again as the price has been repeatedly rejected from the $21k level. The sellers are unrelenting near the higher price levels as per on-chain analytics. The technical indicators are neutral on the hourly charts meaning a new direction downward is oncoming.

The bear phase is surely to last longer as traders are unwilling to buy more BTC. The June 18 fall below $18,000 level beckons the sellers since the $4.23 billion loss in a single day may spark some revenge trading as well. Many crypto experts believe that Bitcoin capitulation is well on its way.

 *Bitcoin price analysis in the last 24-hours: Traders are betting on lower levels*

Bitcoin whales are back in action as their purchase is sparking some bullish action on the hourly charts. The bottom may well be close as the traders anticipate some slowdown in the current bearish phase. The BTC demand from whales may not make serious impact on the market right now but can definitely spark confidence in the market in the short term.

So, can bulls turnaround the Bitcoin price analysis towards positive territory? It is too early to suggest any sharp revision in the prices since the trading volume is low. The bullish purchase on the hourly charts is forming a Doji candle which reflects that the indecision on the hourly charts is only going to spark a candle lower.

The sentiment remains negative since the traders are sitting on the fence. Minor bull runs will only spark interest amongst the bears to sell on higher price rallies. Minor rallies are being sold into as day traders pounce on whatever bullish view remains on the charts.

If the bulls are able to rebound BTC/USD price on the hourly charts above $21k confidently over a period of two days, there is a chance that bulls might be able to pull off a multi-day price rise. On-chain analytics shows that bulls are also aggregating buying action near $20,000 for accumulation which can create a safe-wall near the $20k barrier.

The 20-day EMA near $22,900 ensures that any sharp rise in the price is sold by the bear as per Bitcoin price analysis. The $24,000 level represents the 50% Fibonacci retracement level and shows that bulls will have a tough time to climb higher. stiff resistance at $24k barrier will only push the bulls to slow down buying action as a lining of sell orders ensures recurring selling on the hourly charts.

 *Bitcoin price analysis conclusion: Technical indicators show more pain in the store*

A string on technical indicators on the hourly charts show that BTC/USD pair is about to undergo another round of selling. The RSI at near 35 shows stagnation in addition to acting as an invite for the bears. The daily charts does show a silver lining as the pair aims to bounce towards higher 50-day EMA resistance at $22,900 level.

3. SEC Chairman Piles Pressure on Altcoins, Says ‘Bitcoin Is the Only One I Am Willing To Say Commodity’ 

Gary Gensler, the chairman of the Securities and Exchange Commission, has stated that Bitcoin (BTC) is the only cryptocurrency he considers outside the SEC’s regulatory purview.

According to the SEC’s Chairman, the world’s largest cryptocurrency by market capitalization is the only digital currency believed to be a commodity, which is subject to be regulated by the Commodity Futures Trading Commission (CFTC).

Gensler made this known during a CNBC interview earlier today. Following Gensler’s comment, it is obvious that the SEC views all other coins, including Ethereum (ETH), as digital currencies that fall under its regulatory oversight.

“In many altcoins, the Public is hoping for a return just like in other financial assets we call securities, and many of these crypto assets have key attributes of security… Bitcoin is the only one I am going to say… it’s a commodity.”

However, Gensler, who was not in charge of the SEC’s affairs at the time, does not seem to agree with Hinman’s classification of Ethereum, as he refused to add ETH to the list of cryptocurrencies that should be regulated by the CFTC.

4. France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

Binance, last month on May 6, received the green light from French authorities to set up a significant presence in one of Europe’s top financial centers. However, Autorité des Marchés Financiers (AMF), the country’s market regulator, is coming under fire for approving the crypto exchange giant.

 *The backlash from European lawmakers*

According to a report from Financial Times, European lawmaker Aurore Lalucq has called on the AMF to review its ruling, which she said gave Binance a “guarantee of respectability.”

5. Report: Morocco's Central Bank to Unveil Crypto Regulation Bill Soon

The Moroccan central bank is presently working on a cryptocurrency regulation framework bill and according to the bank’s governor, Abdellatif Jouahri, this is set to be introduced soon. The regulatory framework being worked on will result in Morocco’s money laundering and anti-terrorism financing regulations being upgraded.

 *Crypto Regulation Best Practices*

A Moroccan central bank committee is working to put in place an appropriate regulatory framework for cryptocurrencies, Bank Al-Maghrib (BAM) governor Abdellatif Jouahri has reportedly said. The governor also revealed his institution has engaged both the International Monetary Fund (IMF) and the World Bank over the benchmarks that will be used.

Before Jouhari’s latest remarks, News reported in March 2022 that the Moroccan central bank was in talks with two global financial institutions as well as with the central banks of France, Sweden, and Switzerland. At the time, The talks, according to the central bank, were focused on what would be the crypto regulation best practices.

 *Balancing Innovation and Consumer Protection*

Meanwhile, a Mapnews report stated BAM’s mooted regulatory framework for cryptocurrencies is expected to strike a balance between the need to foster innovation and the welfare of consumers.

In addition to addressing issues around the regulation of cryptocurrencies, Jouhari hinted that the framework being worked on will also see Morocco’s money laundering and anti-terrorism financing regulations being upgraded.

While the central bank has in the past conceded that Moroccans will likely adopt cryptocurrencies, BAM, alongside the Ministry of Finance and the Moroccan Capital Market Authority, has repeatedly warned of the risks that are associated with the use of cryptocurrencies.

6. European Union Plans to Ban Interest Payments on Deposits in Stablecoins

The European Union is preparing to ban cryptocurrency platforms from charging interest on stablecoin deposits, according to Patrick Hansen, head of strategy at DeFi at Unstoppable Finance. According to his tweets, lawmakers will set high regulatory requirements for issuers of all types of stablecoins, with no exceptions being made for algorithmic ones. The decision will be announced at a meeting of representatives from the European Parliament, the European Commission and the Council of the European Union on June 30.

The meeting itself will be the last in a series of sessions on the MiCA (Markets in Crypto-Assets) bill on the regulation of cryptocurrencies. The main issues have already passed all stages of agreement, and only minor points remain to be clarified, according to Hansen. He noted that the EU Commission is also ready to introduce rules governing NFT tokens too. The aim is to protect consumers by requiring NFT platforms to obtain special licenses

 *Bitcoin ban is not under consideration, so far*

At the same time, the expert stressed that a Bitcoin ban is not currently being considered by lawmakers. However, the EU plans to introduce special conditions for each individual digital asset. The DeFi industry is not being considered yet, but the European Commission plans to publish a separate report on the topic and will launch a pilot project to oversee DeFi in 2023.

In April, the European Union Parliament approved new anti-money laundering provisions in a related bill that would have a new body whose task list includes monitoring cryptocurrency transactions. The bill not only banned anonymous cryptocurrency transactions but also obliged large cryptocurrency companies to register their business in Europe and obtain a license.

7. Police Investigate Ethereum, Bitcoin Mining ‘Pool’ Following ‘Scam’ Allegations

South Korean police are investigating allegations that a domestic bitcoin (BTC) and ethereum (ETH) crypto mining “pool” is a scam.

Per Yonhap and Asia Kyungjae, the Seoul Metropolitan Police Agency’s Financial Crimes Investigation Unit stated that it was conducting a probe into a pool named and was working with colleagues at police stations across the country on the case.

A group of alleged victims has come forward to state that they were left out of pocket after being told they could expect “guaranteed income” by “buying” crypto mining rigs. This equipment, they were told, would then be operated remotely in nations such as Kazakhstan.

The initiative appears to have centered around a firm named Ethlot, which opened an office in Seoul’s Seocho District in November last year.

The company went on an active recruitment drive via its website from January 2022, police said. However, the company’s website went down earlier this month, and the community’s main communication channel – a group chat room on the chat app platform Kakao – has also been deleted. The company’s Naver blog has also been taken down. attempted to contact the company via telephone, but was unable to speak to a member of Ethlot staff.

The group’s Instagram account still appears to be online, however, and shows evidence of aggressive marketing efforts in Seoul. These include advertisements on city buses and subway stations, as well as commercials that aired on outdoor digital billboards in public squares.

One post shows what appears to be Ethlot staff or associates holding up a banner in Kazakhstan. The post’s author claimed that “all of our mining machines are here.”

Police officers said that investors were told they could expect “guaranteed daily returns of 0.7% to 3.0%” on their stakes.

Ethlot is thought to have operated four group chat rooms: a “general” room, a VIP room, a VVIP room, and a top-tier “SVIP room.” Each of these reportedly provided different levels of “investment information.”

Access to each group chat room was granted to individuals depending on the size of the investment they made. Essentially, the group promised, the more money investors stumped up, the better-performing mining rigs they could afford.

In one post explaining the perks of SVIP membership, the company wrote that an investment of USD 2,333 would make investors an “expected profit” of 1.5% per day – or some USD 32 per day.

But for the biggest spenders of all, the company said, a fee of USD 6,225 would see investors rake in almost USD 120 per day.

The firm added that payouts would be made every seven days.

Large-scale activities promoting the pool were held last year, Yonhap added, including one grand event staged at the Shilla Hotel in Seoul – one of the capital’s most prestigious hotels.

A legal firm representing a group of some 20 alleged victims claimed that “at least 1,000 to 2,000” people had been sucked into the alleged scam, and added that millions of USD worth of financial damages had been suffered.

In 2020, police made “dozens” of arrests nationwide after uncovering a suspected USD 44.5 million ethereum wallet fraud. The scam, named EtherWallet, is thought to have sucked in some 3,000 victims.

8. BitPay Now Allows People to Buy Apple Products Using Bitcoin And Shiba Inu.

Popular cryptocurrency payment provider BitPay has announced that crypto users can now purchase different Apple products using digital currencies like Bitcoin (BTC) and Shiba Inu (SHIB).

How to Buy Apple Products

Apple products can be purchased using SHIB or BTC in three different ways, such as buying items from retailers that support crypto payments, using BitPay debit cards, as well as exchanging your cryptocurrencies for gift cards and using them to buy Apple products of interest.

At the moment, Apple as well as other retailers do not accept direct cryptocurrency payments. Interestingly, people can purchase their Apple MacBooks and iPhones directly from popular U.S. retailers like Newegg.

The online retailer, which has a partnership with BitPay, allows users to purchase Apple products as well as other items using Shiba Inu and Bitcoin.

The process of making the purchase has been simplified by the company as users can get their favorite products using supported cryptocurrencies in a few clicks.