News Updates November 23, 2022
1. Bitcoin Price Analysis: 16401 Hurdle Awaits - 24 November 2022. Bitcoin (BTC/USD) sought to extend a light rally early in the Asian session as the pair traded back above the 16000 figure and escalated as high as the 16294.50 area after Stops were elected above the 16088 and 16222 levels, representing the 50% retracements of the recent depreciating ranges from the 16984.08 and 16717.86 levels. Additional upside retracement levels in these depreciating ranges include the 16401, 16448, and 16657 areas. BTC/USD recently depreciated to the 15460 level after Stops were elected below the 15512 area, its recent two-year low that represented an exact bearish price objective based on selling pressure that strengthened around the 21478.80 and 18495.50 areas. Associated downside price objectives below current price activity include the 13369, 8837, and 7538 levels. The recent depreciation intensified after Stops were elected below the 16990, 16966, and 16503 levels, areas associated with historical appreciating ranges that commenced around the 3858 and 9819 levels. Technicians continue to eye the 14500.15 and 10432.73 areas as major downside targets. Additional downside price objectives include the 14613, 10727, and 9682 levels, areas that are related to selling pressure that intensified around the 20894.96 and 18495.50 areas. Following the recent move lower to two-year lows, areas of potential technical resistance include the 17791, 18495, 19199, 20070, and 20201 levels. Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 200-bar MA (4-hourly) and below the 100-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bearishly indicating below the 100-bar MA (hourly) and below the 200-bar MA (hourly).
Price activity is nearest the 100-bar MA (4-hourly) at 16289.27 and the 50-bar MA (Hourly) at 16477.11.Technical Support is expected around 14500.15/ 13369.11/ 10727.75 with Stops expected below.
Technical Resistance is expected around 18495.40/ 19199.48/ 20070.64 with Stops expected above.
On 4-Hourly chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
2. Bank of Japan to Run CBDC Experiments With Country's Megabanks: Report
The central bank will decide on issuing a digital yen in 2026.
The Bank of Japan is planning further experiments on a digital yen. (Getty Images)
The Bank of Japan (BoJ) has planned experiments on a digital yen with three megabanks and regional banks in the country, Nikkei reported on Wednesday.
Starting in the spring of 2023, the BoJ will work with private banks and other organizations to identify any problems with deposits and withdrawals, and check that a central bank digital currency (CBDC) can operate during natural disasters and in areas without internet access, according to the report.
The BoJ joined a growing list of central banks worldwide exploring CBDCs last year, by developing a test environment for a digital yen and exploring basic functions like issuance, distribution and redemption.
Last year, a BoJ official said that it is the central bank's priority to ensure a CBDC enables competition between private payment providers and be universally accessible by the public.
The experiment will last two years and the central bank will decide on issuing a CBDC in 2026, the report said.
3. Turkey Seizes Assets of FTX Founder Sam Bankman-Fried.
Turkish authorities have seized the assets of seizes assets of former FTX CEO Samuel Bankman-Fried, according to a report by Anadolu Agency. The Ankara-based state-run news agency has added that the assets of FTX affiliates have been confiscated as well amid an investigation over fraud allegations. The new probe was launched by the Financial Crimes Investigation Board (MASAK). In his statement, Treasury and Finance Minister Nureddin Nebati said that the cryptocurrency market had to be treated with "maximum caution," arguing that this sector brings both new risks and opportunities. The sudden downfall of the FTX empire has prompted calls for more stringent cryptocurrency regulation.
Ads FTX TR, a subsidiary located in Turkey, is part of Bankman-Fried failed cryptocurrency empire.
Turkey banned the use of crpytocurrencies for payments back in April 2021. The country's payment service providers were also prohibited from incorporating digital assets into their business model. Turkey is one of the top countries by cryptocurrency adoption, which mainly due to inflation-stricken lira. Last month, the central bank of Turkey announced a plan to launch a central bank digital currency project that is poised to be launched in 2023. Prior to the launch, the central bank will test its CBDC in collaboration with other banks.
4. Swiss Bank Sygnum Receives In-Principle Approval to Offer Crypto Services in UAE
Sygnum, Switzerland’s digital asset bank, has been granted regulatory approval to expand its operations into the United Arab Emirates (UAE). Local news outlet The National Business noted in a report today that Sygnum has obtained in-principle approval from the Abu Dhabi Global Markets’ Financial Services Regulatory Authority (FSRA). The approval will allow Sygnum to cater to the growing demand for cryptocurrencies in the region.
According to the report, Sygnum will serve the local market with its cryptocurrency-native suite of digital asset banking, tokenization, and asset management, as well as B2B banking services licensed by the Swiss Financial Market Supervisory Authority (FINMA).
Following Sygnum’s in-principle approval in the UAE, the company will seek new and existing crypto-related clients in the region. Furthermore, Sygnum is also looking forward to onboarding high-net-worth investors who are seeking trusted crypto exposure through a regulated company.
“Sygnum’s international expansion into the Abu Dhabi crypto hub gives us access to one of the biggest global wealth and asset management pools,” Mathias Imbach, Sygnum’s Co-founder and Group Chief Executive said. “It also gives us new opportunities to show the value of investing in crypto with complete trust to the local community, clients, and partners.”
The announcement comes months after Sygnum raised $90 million from notable investors such as Animoca Brands, and Hong Kong firm Sun Hung Kai, among others. The funding round pushed Sygnum’s valuation to $800 million, Finextra reported earlier this year.
5. FSMA Warns against Clone of CoinDesk and 30 Fraudulent Trading Platforms
A clone of CoinDesk was among 30 other fraudulent trading platforms flagged by the FSMA.
According to the Belgian market watchdog, financial scams are rising significantly.
The Financial Services and Markets Authority (FSMA), Belgium's financial market regulatory watchdog, flagged 30 online trading platforms offering unlicensed services in the country. A clone of CoinDesk, a popular crypto news website owned by venture capital firm Digital Currency Group (DCG), is one of them.
Potential fraudsters' names and website addresses present a broad mix of contracts for difference (CFDs), wealth management and cryptocurrency trading services. Some of these platforms are ApexCryptoLive, Bitnexltd, FortuneFX, Spotchains, Vexxsel and a clone website of CoinDesk dubbed Coinsdesk (coinsdesk.org). At the time of writing, the website is no longer available.
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The complete list, which was prepared after the Belgian regulator received complaints from consumers, is available on the regulator's website.
