News updates March 08, 2022
1. Biden To Sign Bitcoin, Crypto Executive Order This Week
President Joe Biden is reportedly set to sign an executive order this week outlining the government’s plans for Bitcoin and cryptocurrency.
The order will task U.S. federal agencies with examining potential regulatory changes, as well as the national security and economic impact of the market.
The plan is expected to involve the Treasury Department, State Department, and Commerce Department, among others.
2. Institutional Investors Buy $127 M Worth Of Crypto In One Week Amid Fears Of Crypto Crash
Crypto funds have not been phased by geopolitical risks in the weeks since Russia invaded Ukraine. CoinShares reports that through last week, investors added to their positions in crypto funds.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares revealed that crypto funds saw inflows of $127 million in the last seven days. This is an uptick from the previous week.
The asset manager designated that the streak of inflows pointed to institutional investors remaining bullish on crypto, ignoring market sell-offs that have been caused by geopolitical events.
3. U.K’s FCA Threatens to Cancel License for Binance’s Newly Launched Service Bifinity
Binance’s launch of fiat-to-crypto payments provider Bifinity on Monday, March 7, has met with immediate resistance from U.K’s top regulatory body – Financial Conduct Authority (FCA).
With Monday’s launch, Binance confirmed that its newly launched Bifinity service will advance a $36 million convertible loan to Eqonex. This gives Bifinity some specific contractual rights over Eqonex. The FCA explains that Eqonex is the parent company of Digivault, a crypto business officially registered by the FCA under the Money Laundering Regulations (MLRs).
The British regulator argues that with this arrangement between Bifinity and Eqonex, Binance is trying to bypass the regulatory scrutiny. Furthermore, the FCA notes that it only regulates Binance Markets Limited, a subsidiary of the Binance Group.
Expressing its concerns further, the FCA notes that no other entity in this Binance Group holds any official license to conduct any regulated activity in the U.K.
Thus, the FCA has threatened to cancel the registration of Binance Bifinity in case it fails to comply with the obligations under the Money Laundering Regulations.
4. European Parliament will hold vote on crypto bill without PoW provision
The parliament of the European Union has scheduled a vote on a framework aimed at regulating cryptocurrencies after addressing concerns over proof-of-work mining.
In a Monday Twitter thread, European Parliament Committee on Economics and Monetary Affairs member Stefan Berger said the committee will vote on the Markets in Crypto Assets, or MiCA, framework on March 14 following the submission of a final draft of the bill.
5. Virginia Senate Passes Bill Allowing State Banks To Offer Bitcoin Custody Services
The Senate of the Commonwealth of Virginia passes a bill allowing banks to offer custodial services for bitcoin and other cryptocurrencies.
Banks will adhere to self-assessment criteria in order to determine whether or not to offer custodial services.
If banks choose to operate as a fiduciary it requires new private keys to be generated for and held by the bank, while non-fiduciary banks allow customers to maintain title ownership.
6. Venezuela Increases Minimum Monthly Wage to Half a Petro
Nicolas Maduro, president of Venezuela, announced an increase in the minimum wage of workers in the country linked to the petro. In the II Workers’ Congress, Maduro revealed that the new value of the salary would be half a petro, the national cryptocurrency, which is now worth close to $59. This constitutes an increase of almost 1,800% compared to the previous amount of only seven Venezuelan bolívars (VES).
7. Singapore Suspends Crypto Transactions As It Complies With Russia Sanction Rules
Russia has been getting confronted by firm criticism of its invasion of Ukraine. Singapore has joined other concerned countries to impose sanctions on Russia that cut across several kinds of economic transactions including crypto.
Announcing in a press release, Singapore’s Ministry of Foreign Affairs (MFA) said the country is making it illegal to enter into or facilitate transactions that involve cryptocurrencies with Russia. The prohibition touches all kinds of digital assets including NFTs, the notice stated.
8. NFTs Enters Politics, South Korean Presidential Candidate Launches His NFTs
Finally, Non-fungible token (NFT) has made its entry into politics. The South Korean Presidential Election has witnessed the involvement of NFTs to woo the younger voters. In a bid to win the elections, candidate Yoon Suk-Yeol launched NFTs featuring his images and videos. As per reports, Yoon has minted 4,000 tokens till now.
9. Art Dubai Will Offer Glimpse Into the Future of Digital Artwork and NFTs
The Dubai Art Fair opens in the United Arab Emirates this week with a new digital art section exhibiting non-fungible tokens (NFT).
Art Dubai, the biggest middle-eastern international art fair, will for the first time showcase non-fungible tokens from March 11-13, 2022. This year’s fair will see the launch of the Art Dubai Digital section to explore the growth of NFTs, cryptocurrency, video art, and virtual reality since digital art made its first appearance in the 1980s.
The Art Dubai Digital section will be curated by New York-based cultural researcher Chris Fussner from the Tropical Futures Institute.
10. Bitcoin and Ethereum Stuck in a Range, Small Altcoins Rally:
*Bitcoin price traded to a new weekly low near USD 37,200.
* Ethereum tested the USD 2,440 support, XRP remained above USD 0.70.
* WAVES rallied 23%, ZEC and AR jumped more than 13%.
Bitcoin price struggled to recover above USD 39,000. BTC started another decline and traded to a new weekly low near USD 37,200. It is currently (04:20 UTC) recovering above USD 38,700, but it might face resistance near USD 39,000 and USD 39,250.
Similarly, most major altcoins are attempting an upside correction. ETH tested USD 2,440 and is now trading near USD 2,560. XRP failed to gain pace above USD 0.75 and trimmed gains. ADA is still at risk of a move below USD 0.80.
1) Bitcoin price
After another bearish wave, bitcoin price found support near USD 37,200. BTC started a fresh increase, climbed above USD 38,500, and is now up 2% in a day. On the upside, the price could face resistance near the USD 38,850 level. The next major resistance is near the USD 39,250 level, above which the price might revisit USD 40,000.
If there is a fresh decline, the price might find support near USD 38,000. The next key support is near the USD 37,200 level, below which the price may perhaps decline to USD 36,000.
2) Ethereum price
Ethereum price also traded below the USD 2,500 support level. ETH tested the USD 2,440 support zone and is currently correcting losses. It’s up almost 1% in a day. An immediate resistance is near the USD 2,580 level. The next major resistance is near the USD 2,650 level, above which the price could gain bullish momentum.
If not, there could be another drop below USD 2,500. The next key support is near the USD 2,440 level, below which the price might drop to USD 2,320.
3) ADA, BNB, SOL, DOGE, and XRP price
* Cardano (ADA)
retested the USD 0.80 support zone. It is now consolidating losses, with a major hurdle near USD 0.85. To move into a positive zone, the price must settle above USD 0.85.
* BNB
recovered above the USD 380 level and is now trading near the USD 388 resistance. A clear move above USD 388 may perhaps send the price towards the USD 400 resistance.
* Solana (SOL)
is still consolidating above the USD 80 support. On the upside, it is facing resistance near the USD 85 level, above which the price might rise towards the USD 92 level.
* DOGE
now struggling below the USD 0.120 support. If there is a recovery wave soon, there is a risk of a drop towards the USD 0.110 level. Conversely, the price might correct higher and test USD 0.125.
* XRP
price attempted a strong move above the USD 0.75 level, but failed. It is now stuck in a range, with a major support at USD 0.70. Any more losses may perhaps send the price towards USD 0.665.
Other altcoins market today:
Several altcoins are up over 5%, including AVAX, ATOM, THETA, HNT, WAVES, FLOW, AAVE, and GRT. Out of these, WAVES is up over 23% and broke the USD 23 level. Meanwhile, ZEC and AR jumped over 13%, almost trimmed their weekly losses, and hit USD 118 and USD 31, respectively.
Overall, bitcoin price is stuck in a range below USD 40,000. If BTC fails to recover above USD 39,250 and USD 40,000, there might be another decline towards USD 36,000.
