News updates March 22, 2022
1. Bitcoin hits 3-week high as fresh impulse move sends BTC price to $43.3K:
Lackluster performance since the weekend gives way to hopeful signs of bullish continuation into Tuesday.
Bitcoin (BTC) saw a fresh impulse move overnight into March 22 as bulls briefly reclaimed $43,000.
RSI hints at underlying strength:
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Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $43,337 on Bitstamp Tuesday, the pair's highest since March 3.
The action contrasted with the lack of volatility since the weekend, and neatly fitted with the more bullish predictions surrounding near-term trajectory.
For popular trader Crypto Ed, who had previously given $43,000 as a low-timeframe target, all was going to plan.
BTC is a few hundred bucks away from the first higher high we've seen in a long time. Will it happen?" crypto market analyst Kevin Svenson added.
Bitcoin had already sealed an impressive weekly close Sunday, its highest since early February, and now, macro cues were adding to the positive momentum once again.
2. 1.57 Million Addresses Purchase 760K BTC As Traders Eye Massive Rally For BTC:
Investors are still optimistic about an incoming rally for the world’s largest cryptocurrency by market capitalization, Bitcoin (BTC), as they continue to take reasonable positions by accumulating the digital currency.
Fresh data from IntoTheBlock suggests a massive accumulation spree of Bitcoin by investors between the price levels of $40,900 and $42,100.
According to the data, 1.57 million Bitcoin addresses have purchased a combined 760,000 BTC between $40,900 and $42,100. Famous cryptocurrency trader and analyst Ali Martinez shared the development on Twitter.
“Bitcoin IOMAP reveals that 1.57M addresses had previously purchased nearly 760K BTC between $40.9K and $42.1K,” @ali_charts tweeted earlier today.
Can Bitcoin Surge Above $46,500?
Based on the recent accumulation of Bitcoin between $40,900 and $42,100, the famous cryptocurrency trader believes that a decisive daily candle could see Bitcoin rally above $45,000 and move closer to its next barrier of $46,500.
Only a decisive daily candlestick close above this hurdle can give BTC the strength to march towards the next critical barrier at $46,500,” Martinez added.
3. UK Advertising Regulator Issues 'Red Alert' Guidance on Crypto Ads:
The U.K.'s Advertising Standards Authority (ASA) has issued an enforcement notice to over 50 companies that have advertised cryptocurrency services, advising them to review their ads to make sure they comply with new guidance.
* The advertising regulator told CoinDesk the list of 50 includes all firms that have previously been subject to ASA rulings. Among these companies are Coinbase (COIN), eToro, Luno and Crypto.com.
* This is a ‘red alert’ priority issue for us and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible," the ASA said.
* The new guidance requires advertisers to clearly state that crypto is unregulated in the U.K. and that the "value of investments are variable and can go down." Additionally, ads must not "state or imply that investment decisions are trivial, simple, easy or suitable for anyone" or "imply a sense of urgency to buy or create a fear of missing out, or that investments are ‘low risk’."
* Companies advertising crypto services have until May 2 to ensure their ads meet this guidance, after which non-compliant advertisers will be reported to the financial watchdog the Financial Conduct Authority (FCA).
* In January, the FCA announced its plans to tighten oversight of crypto advertising after it was granted additional powers by the government to regulate the industry.
- CoinDesk has contacted Coinbase, eToro, Luno and Crypto.com for comment on the new guidance, but had not received a response by press time. Luno, like CoinDesk, is owned by Digital Currency Group.
4. Honduras reportedly to officially recognize Bitcoin as legal tender in the coming days
Honduras might be the next nation to formally recognize Bitcoin (BTC) as legal tender, following El Salvador, if various internet sources are to be believed.
The country’s President, Xiomara Castro has reportedly said that El Salvador shouldn’t be the only country “escaping dollar hegemony.”
5. Thailand SEC Clarifies Its Stand On Regulating Crypto Token
Thailand’s Securities and Exchange Commission (SEC) has today announced clarifications over its stand on listing and regulating utility tokens. In an online conference, SEC Assistant Secretary-General Jomkwan Kongsakul stated utility tokens are used for exchanging goods and services, therefore, the SEC wouldn’t regulate tokens used for consumption.
6. Australia’s Largest Bank Looking to Offer Additional Crypto Services
Speaking of cryptocurrency opportunities, Commonwealth Bank of Australia plans to provide the ”full spectrum of consumer needs,” Sophie Gilder revealed.
Sophie Gilder – Head of Blockchain and Digital Assets at Commonwealth Bank of Australia (CBA) – revealed that the financial institution could start offering more cryptocurrency services to clients. She further disclosed that the organization seeks to double the size of its blockchain team in the months to come.
Moreover, Gilder outlined that the bank intends to provide additional cryptocurrency services to reach the ”full spectrum of consumer needs.” She also added that CBA plans to double the size of its blockchain division throughout 2022, predicting that the asset class will further evolve in the future.
7. Cryptocurrency Platform AEX Launches Program to Boost Vietnam’s Crypto Ecosystem
AEX is investing $100 million in boosting the blockchain industry in Vietnam, leveraging the growing interest of its people in decentralized technologies.
8. Malaysian Communications Minister to Propose Crypto Legalization
Datuk Zahidi Zainul Abidin, the deputy minister of the Malaysian Ministry of Communications and Multimedia, is rallying the government to legalise cryptocurrencies to benefit the tech and crypto-savvy population.
9. India Complicates Its Crypto Policy, Will Tax Profits From Different Crypto Assets Separately
India doesn’t seem to be offering a friendlier environment for crypto investors in the country. In February 2022, India introduced a harsh 30% tax on profits derived from trading crypto assets. Clarifying further on Monday, March 21, the government has added further complexity to it.
The government has said that loss in one crypto asset cannot be offset against the profit in others. Meaning if someone books a $100 profit by trading Bitcoin (BTC) and a $100 loss by trading Ether (ETH), the investor will still end up paying 30% tax on the $100 BTC profit.
This seems quite unreasonable and an attempt to strongly discourage Indian crypto investors from participating in the market. Currently, India is one of the largest countries in terms of the number of crypto investors participating in the market.
Currently, the Indian government allows setting off losses in the stock market. Meaning the profits made in one stock trading can be set off against the losses made in other. Isolating crypto from this facility clearly highlights the partial and biased nature of the government.
