Daily News | Tech Earnings Boost Markets Amidst Economic Slowdown and Inflation Concerns, BTC and ETH Steady; All Eyes on Fed Decision

2023-04-28, 01:21

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![](https://gimg2.gateimg.com/image/article/16826447670428.jpg)

## Crypto Daily Digest: Steady BTC and ETH Amid Volatility, HMRC Proposes DeFi Tax Changes, Rogue CEO Fined $3.4B for <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Fraud Scheme

<a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> remained steady at around $29,500 following a volatile period for the crypto markets. Despite disappointing US economic growth data and banking sector concerns, Ether also followed a similar pattern, rising nearly 2% to about $1,910.

Bob Baxley, the CTO at decentralized finance (DeFi) platform Maverick Protocol, noted that <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and other digital assets have been acting as a safe haven during recent turbulent events. He predicts a likely policy shift by the US Federal Reserve due to its present monetary hawkishness, which "risks inflicting serious damage." The equity markets also rallied on Thursday.

In the UK, the tax authority, HM Revenue and Customs (HMRC), is seeking public views on a proposed change to the tax treatment of decentralized finance (DeFi) lending and staking. Under existing rules, DeFi transactions can be treated as disposals. Still, HMRC's proposed changes would ensure that they are only treated as such when crypto assets are "economically disposed of in a non-DeFi transaction." The proposal is intended to apply to both DeFi and centralized finance (CeFi). The consultation is open for eight weeks and closes on June 22.

Meanwhile, in the US, Cornelius Johannes Steynberg, the CEO of Mirror Trading International, has been ordered by a US judge to pay over $3.4 billion in fines and restitution for his involvement in a global fraudulent multilevel marketing scheme involving <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>. Steynberg solicited at least 29,421 <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> from at least 23,000 individuals in the US and around the world for participation in an unregistered commodity pool that his company operated. The regulator, the CFTC, stated that Steynberg misappropriated all of the <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> they accepted from pool participants. While the CFTC has cautioned that the fine may not result in the recovery of any lost money, Steynberg has been detained in Brazil on an Interpol arrest warrant since the end of 2021. The regulator has permanently barred him from trading in any CFTC-regulated markets.

## <a href="/vi/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) $29414 (-0.20%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1682644852Untitled0428 1.png)

![](https://gimg2.gateimg.com/image/article/1682644866Untitled0428 2.png)

The market is constantly changing, which means that any modifications in Lower-Timeframes have the ability to influence the overall perspective. Therefore, even though BTC has increased for three days in a row, by factoring in a decreasing volume on the 3rd day, this means there is still the possibility of another decline. As traders, we must consider all possible scenarios and prepare accordingly. Using Wyckoff logic and a dynamic analysis approach on the 1H timeframe, we can infer that if the price does not make a significant breakthrough above the previous high of approximately $30025, there may be another round of selling. This could bring the price to the first target range between 28920 - 28700, which could impact the general bullish sentiment and potentially cause the price to drop further to the second target range between 28186 - 27790. This zone may serve as a re-accumulation area for smart money. For analysis on the price of Ether, which is on a similar path as BTC, please refer to yesterday’s Daily News article.

**Overview:**

- ***Closest hourly support zone: 29300 - 29230***
- ***Closest hourly resistance zone: 29661 - 29888***
- ***Key Level: 29300 (Monthly High of Dec. 2020)***

<br>**Hourly Resistance zones**

1. 29661 - 29888
2. 30025 - 30470
3. 30644 - 31015

<br> **Hourly Support zones**

1. 29300 - 29230
2. 29096 - 28921
3. 28700 - 28414

## Macro: Tech Earnings Boost Asian Markets Despite Economic Slowdown and Inflation Concerns; BoJ Expected to Leave Monetary Stimulus Unchanged Under New Governor

On Friday, Asian equity markets were poised to rise following strong earnings from technology companies, leading to Wall Street gains. The surge in advertising revenue that helped Meta Platforms beat analyst estimates for profit pushed the S&P 500 and the Nasdaq 100 up by 2.0% and 2.8%, respectively. However, a report indicating slower US economic growth and higher-than-forecast inflation caused Treasuries to dip.

Despite the economic slowdown, consumer spending in the US remains resilient, according to Dana Peterson, chief economist at The Conference Board. Peterson said the latest batch of economic data, including a slowdown in US jobless claims, showed the kind of cognitive dissonance investors have been grappling with. Peterson added that the country may be dipping into a recession, but more data is needed.

On the corporate side, Hasbro Inc. is the latest consumer company to exceed earnings estimates, boosting confidence that corporate America is coping relatively well with price pressures and policy tightening. Meanwhile, Intel Corp. was higher in post-market trading after releasing its results. The Stoxx 600 Index remained stable in Europe, with Sanofi's profit exceeding expectations and Deutsche Bank AG disappointing.

In other markets, oil fluctuated and the dollar remained steady. West Texas Intermediate crude is headed for its sixth month of declines, the longest such streak since January 2015. The policy-sensitive two-year yield traded at 4.08%, as inflation data could prompt the Federal Reserve to keep interest rates higher for longer.

Investors are now waiting for the Federal Reserve's decision on interest rates at its meeting next week. The Bank of Japan is also expected to leave overall monetary stimulus unchanged in its first policy decision under new governor Kazuo Ueda.

<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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