News updates March 26, 2022
1. Crypto Analyst Issues Massive Price Warning for Bitcoin (BTC), Ethereum (ETH) and Three Altcoins – Here Are His Targets:
A widely-followed analyst has a bleak short-term outlook for Bitcoin, Ethereum and several of the largest crypto assets by market cap.
The pseudonymous analyst, who goes by the name Capo, tells his 242,000 Twitter followers that there’s no reason to be bullish, and he expects Bitcoin to break down in April.
The pseudonymous analyst, who goes by the name Capo, tells his 242,000 Twitter followers that there’s no reason to be bullish, and he expects Bitcoin to break down in April.
Capo expects BTC to fall through a large symmetrical triangle pattern on the 12-hour timeframe, reaching a target price of between $21,000 and $23,000.
The trader, who uses Elliott Wave theory for his analysis, marks Bitcoin’s main resistance level at between $45,000 and $46,000.
Bitcoin is trading at $44,936 at time of writing.
1) Bitcoin:
is trading at $44,936 at time of writing.
Next up is Ethereum (ETH). The trader says he is setting a buy target of between $1,100 and $1,300 for ETH should it breach support around $2,000.
ETH Mid-range acting as resistance after deviation above range high and pivot completely broken.
Break of the range low = $1,100 – $1,300.
2) Ethereum:
is trading at $3,181 at time of writing.
Next up is the stablecoin protocol Terra (LUNA). Capo says he is targeting a buy price of between $40 and $45.
The analyst says that his bearish thesis would be invalidated if Terra rose above the all-time high of just under $104.
3) Terra:
is trading at $93.79 at time of writing.
Next up is the smart contract blockchain Fantom (FTM). Capo says that he expects FTM to fall on the basis that its bullish market structure no longer stands and the fact that Fantom recently experienced a short-lived recovery.
4) Fantom:
is trading at $1.41 at time of writing.
Another coin on Capo’s radar is Cardano (ADA). The crypto strategist says he will change his stance on Cardano to bullish when ADA falls to $0.15.
Bullish on ADA from $0.15. Bearish on ADA from $2.58. And this is not financial advice.”
2. Bitcoin ($BTC) Whale Accumulation Hits One-Year High as Exchange Outflows Suggest Potential Price Rise:
Bitcoin ($BTC) whales have been accumulating the flagship cryptocurrency ever since Russia started invading Ukraine. Addresses with 1,000 to 10,000 BTC have seen the amount of coins within their wallets jump by 8.3% since then.
According to on-chain analytics firm Santiment, the 2,203 addresses are at a one-year high while holding between $44.2 million and $440.2 million worth of the flagship cryptocurrency each.
The firm detailed that this group, along with the group of addresses holding between 100 and 1,000 BTC, has “historically foreshadowed price moves.” Other data appears to suggest the flagship cryptocurrency’s price is ready to move in the near future.
As CryptoGlobe reported, around $2.5 billion worth of the cryptocurrency have been moved off of popular cryptocurrency exchanges at a time in which the supply of BTC at these platforms reaches a three-year low, suggesting potential for a “significant” price rise.
Market observers have suggested the price of BTC could be “ready to rally” based on its low supply on exchanges. To Stephane Ouellette, chief executive of FRNT Financial, the low supply may mean BTC is ready to break out. He said that if “there’s a lot of BTC on exchanges, then people are ready to sell.”
3. Leumi Becomes The First Israeli Bank To Offer Cryptocurrency Services
Israeli’s Leumi Bank has registered its interest to offer crypto trading, becoming the first bank to offer such service in Israel. Leumi is making its interest into the crypto market via collaboration with U.S-based crypto firm Paxos.
The partnership will allow customers of Pepper Invest, Leumi’s digital arm, to buy, sell, or hold crypto assets. They will be able to carry out crypto transactions with at least 50 shekels per transaction (about $15.49), although the platform is only offering trading for Bitcoin (BTC) and Ethereum (ETH) for now. Leumi Bank says it will make provisions to accept additional cryptocurrencies in the future.
4. Report: Morocco Central Bank Discusses Crypto Regulation Best Practices With IMF and World Bank
The Moroccan central bank is currently holding talks with multilateral lending institutions and other central banks, centered on establishing cryptocurrency regulation best practices.
5. India’s Controversial Crypto Tax Policy Formally Becomes Law Despite Community Outrage
Indian crypto tax policy has become the talk of the town for crypto investors and exchange providers in recent weeks. In just one week, Indians will start paying a cumbersome 30% tax on the proceeds made on cryptocurrencies after the nation’s Parliament passed the proposal on Friday.
6. Assessment Of Crypto Regulation Intensifies As Bank Of England Looks At Options
Bank of England (BOE) has reiterated its plans to assess the regulatory framework for crypto assets. The bank’s Financial Policy Committee (FPC) noted that cryptocurrencies “present financial stability risks” that need to be addressed in the financial sector.
The bank also mentioned sanctions related to the ongoing Russian-Ukraine crisis and reasons why a proper regulatory framework should be given priority.
This has echoed the thoughts of bureaucrats and financial regulators worldwide who are concerned that Russia could use crypto to bypass the economic sanctions.
7. Singapore and Cambodia Central Banks Exploring CBDC
The central banks of Singapore and Cambodia are exploring central bank digital currencies (CBDCs) as crypto interest grows among ASEAN countries, said during a panel discussion at the China Conference: Southeast Asia event on Thursday. The countries seek to launch CBDCs in an effort to improve payments efficiency, encourage start-ups and e-commerce.
8. Thailand’s Gulf Energy to Invest in Cryptocurrencies and Blockchain Projects
Thailand’s Gulf Energy Development Public Company Ltd has set up a subsidiary to focus on investing in cryptocurrencies and blockchain projects.
After collaborating with the world’s largest crypto exchange – Binance – Sarath Ratanavadi’s electric power generation company has announced plans to invest directly in digital assets.
9. EU's MiCA Bill Moves Forward Without Bitcoin Limiting Provision
The EU's landmark legislative package for governing crypto assets is moving on to the next stage of negotiations without the divisive provision seeking to restrict the use of proof-of-work crypto.
The European Union's (EU) proposed Markets in Crypto Assets (MiCA) regulatory package is moving forward to the next phase of discussions without a controversial provision seeking to restrict the use of cryptos like bitcoin (BTC) that are based on proof-of-work.
