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TA Highlight
This week saw a marked difference in the direction of mainstream cryptocurrencies.
BTC remained in a more pronounced downward phase this week. And it fell below the lower Bollinger limit on Apr 11th and Apr 12th. It is worth noting that the Bollinger Band opening has gradually widened along with the downward trend of BTC spot for two consecutive weeks. The price broke through the lower limit of the Bollinger band for two consecutive days indicating that BTC spot price has strong downward momentum and low price support. On the 14th and 15th, BTC spot downtrend has buffered and the coin price is adjusting. Several support lines of BTC spot are around $38,500, while the resistance line is around $45,000.
From the trend indicators, the MACD of BTC spot price always shows a bearish signal, indicating that the market is in if a bearish state. ETH continues to follow the trend of BTC price, and this week's price technical parameters are also quite close to BTC. The ETH spot price also touched the lower limit of the Bollinger band this week. The support line this week was at $2,900, while the resistance line was around $3,300.
XRP had a good growth performance this week after bottoming out, with the price achieving a quadruple positive on the daily level. The price returned to the middle Bollinger band level. At the same time the MACD indicator is about to show a golden cross, representing that the market is in a strong state and the price rally is not over yet. It is expected that XRP may enter a short adjustment period after a continuous rise, with prices either falling slightly or running sideways. The current XRP support line is around $0.68 while the pressure line is around $0.85.
DOGE is one of the mainstream coins with low correlation to BTC. This week's DOGE price action is close to XRP, both are experiencing a rebound after hitting the bottom, and both prices have returned to mid-line levels. This week's DOGE support line is between 0.1315 and 0.146.
Crypto Alerts
Elon Musk: The Acquisition of Twitter Is Not To Make Money, And There Is a Plan B If It Is Rejected
Elon Musk, CEO of Tesla and Dogecoin-hodler, said at the TED conference that he was not sure if he could succeed in acquiring Twitter, but he had a plan B if the company rejected his offer. He said he could "technically afford it," but his offer had nothing to do with making money. Musk added, "I don't care about making money."
Ethereum Core Dev: Ethereum Is Expected To Complete The merger Within The Year
Ethereum core developer Tim Beiko responded on social media saying that the Ethereum merge will not be completed in June, but probably a few months after that. Although there isn't a definite date, Ethereum is definitely in the final stages of the PoW consensus. He later added that the Ethereum merge will be completed within 2022.
Tether plans to further reduce Commercial Debt in USDT Reserves
Tether plans to further reduce its commercial debt in its reserves after commercial paper accounted for more than 30% of Tether's total reserves in Q4 2021, down from more than 44% in Q3, and Tether has shifted counterpart funds from commercial paper to U.S. Treasuries, said Paolo Ardoino, chief technology officer at Tether.
Former Core Ethereum Developer Virgil Griffith Sentenced to Prison
U.S. District Judge Kevin Castel of the Southern District of New York has sentenced former ethereum developer Virgil Griffith to 63 months in prison and $100,000 in fines.
The sentence is below the sentencing standards recommended by the prosecution. As previously reported, Virgil Griffith was arrested in November 2019 after speaking about cryptocurrencies and blockchain technology in North Korea in November 2019.
U.S. prosecutors accused Virgil Griffith of teaching North Koreans how to evade sanctions, which they said violated the International Emergency Economic Powers Act (IEEPA.) Virgil Griffith pleaded guilty last September to conspiracy to violate international sanctions against North Korea.
Market Updates
Mexico's Third Richest Billionaire: The World Is Experiencing Hyperinflation, Bitcoin Can Save Us
Mexico's third richest man, Ricardo Salinas Pliego, offered some thoughts on inflation, Bitcoin and fiat currencies at the Bitcoin 2022 conference in Miami on Thursday.
Salinas said, "I made $2,000 in 1980 and a few years later that same salary dropped from $2,000 to $20. So I know what hyperinflation is like. I've experienced it, and knowing it in theory is not the same as actually being a victim of it... The $9 trillion in fake savings created by the Fed because the dollar is the world's reserve currency and there's nothing we can do about it. You can't give up the dollar unless you turn to Bitcoin."
Former SoftBank CEO has Dedicated 10% of His Portfolio to Bitcoin
During a panel discussion at the Bitcoin 2022 conference, former SoftBank CEO Marcelo Claure said he now devotes 10% of his portfolio to Bitcoin. Claure said concerns about the possibility of an impending recession have prompted him to increase his BTC holdings by 80-90%.
NASDAQ: 75% of Investment Advisors Have Intention to Invest in BTC
According to a new Nasdaq survey of 500 investment advisory firms, 86% said they plan to increase their crypto investment allocations in the next 12 months.
72% of investment advisory firms would be more likely to invest client assets in cryptocurrencies if a spot BTC ETF were offered in the U.S. In addition, 9 out of 10 financial investment advisory firms that are currently already invested in cryptocurrencies expect to continue to increase their cryptocurrency allocations, and the approval of a spot crypto ETF would help accelerate further adoption.
However, so far the SEC has not approved products that invest directly in cryptocurrencies such as Bitcoin, and 31% of the Nasdaq survey respondents said they believe such products are unlikely to be approved this year. A spot Bitcoin ETF is expected to be approved by mid-2023, according to Bloomberg Intelligence analysts.
Nigerian Citizens Have Turned to Cryptocurrencies as a Solution for Storing and Transferring Assets
According to Cointelegraph, a recent study shows that many Nigerian citizens have started using cryptocurrencies as a solution for storing and transferring assets. According to the report, 35% of the Nigerian population between the ages of 18 and 60 (33.4 million people) have owned or traded cryptocurrencies in the last six months. Of that population, 52 percent (nearly 17.36 million people) have allocated more than half of their assets to cryptocurrencies.
One of the main reasons why global investors are reportedly seeking to diversify their traditional assets into cryptocurrencies is to combat rising statutory inflation. For example, a survey conducted last month among a number of UK investors revealed that most believe cryptocurrencies are safer and more secure than traditional investments such as gold, oil, stocks and real estate.
Peer-to-peer trading is the most common method for Nigerian investors to convert fiat currencies into crypto assets. In addition, approximately 23.38 million Nigerians (70% of existing crypto investors) will increase their cryptocurrency investments over the next six months.
Amazon Won't Support Crypto Payments, But May Sell NFT In The Future
Amazon CEO Andy Jassy said in an interview on CNBC's financial show Squawk Box that he does not personally hold Bitcoin and that Amazon will not add cryptocurrency as a payment method, but may sell NFT in the future. He believes that over time, we will see the crypto market become larger.
Opera Officially Launches Its Dedicated Encrypted Browser for iOS
Opera announced that its crypto browser is now officially available on the iOS platform, and several features related to Web3 and encryption can be seen in the feature list.
For example, the Opera Crypto Browser integrates with an non-custodial crypto wallet that supports blockchain ecosystems such as Ethereum, Polygon and Celo, enabling the purchase of cryptocurrencies without the need for third-party apps and more blockchain integrations on the roadmap.
Key features of the Crypto Browser, Opera said, include a non-custodial crypto wallet that supports the use of fiat currencies to purchase cryptocurrencies, as well as sending, receiving and exchanging any supported blockchain tokens.
In addition the browser provides seamless and direct access to decentralized exchanges, Web3-based NFTs, games and decentralized applications (Dapps). With over 7,000 Polygon-based services covered, users can experience Web3 services as seamlessly as any website on Web2.
Global Headlines
The U.S. Is Preparing for Banking-like Regulation of Stablecoin
Morgan Stanley said in a recent research report that the U.S. Treasury and Congress are preparing to regulate Stablecoin or related issuers, and that such regulation could be similar to banking regulation.
The report also mentions that U.S. officials recognize the monetary competition from other countries' CBDCs and see the need to take the most urgent action to keep the U.S. dollar as the favored and dominant payment mechanism, and that taking control of the U.S. dollar Stablecoin would be an important tool, a move that could have a profound impact on the crypto market.
Iran: No Crypto Payments Allowed, CBDC to be Issued Soon
Iranian Deputy Communications Minister Reza Bagheri Asl, while discussing regulatory matters related to the storage and exchange of cryptocurrencies, stressed that accepting cryptocurrency payments is a red line and we do not recognize payments using cryptocurrencies.
Cryptocurrencies like Bitcoin will not be considered legal tender in the Islamic Republic of Iran. Reza Bagheri Asl commented on the latest resolution of the Digital Economy Working Group on crypto assets. He noted that the use of any foreign currency is beyond Iran's sovereignty and violates Iran's monetary and banking laws.
The deputy minister added that in order to prevent risks to Iranian citizens, the country's digital asset transactions will be subject to a set of rules similar to those applicable to the stock market and other currencies; cryptocurrencies must be regulated, and the banking system must be adhered to.
The Central Bank of Iran (CBI) said the following day that it has issued a report to domestic banks and credit institutions on the regulatory framework for the CBI's digital currency (Digital Rials).
In a recent report, the Central Bank of Iran said the digital rials will be minted by the central bank, which will determine the maximum supply of the currency. The report said the country's CBDC project uses smart contracts and is used in a similar way to banknotes and coins, and that the process will be completely digital.
The report comes on the heels of the announcement in January that the governor of Iran's central bank approved the Money and Credit Commission's plan to launch the pilot phase of the country's cryptocurrency.
Singapore Will Not Allow Crypto Advertising to Retail Investors
Singapore's rules on crypto advertising services were spelled out to businesses at a meeting yesterday by a local trade association. The Monetary Authority of Singapore (MAS) will prohibit marketing and advertising crypto services to retail consumers in the city-state, the Blockchain Association of Singapore (BAS) said, adding that companies will be allowed to advertise to accredited institutional investors if they can prove they are targeting only those groups.
That said, advertising to retail investors is not allowed as Singapore restricts crypto trading to professional investors.
South Korea's President-elect Yoon Seok-Yeol Is Working With Financial Authorities To Seek Regulation of STOs, IEOs
South Korean President-elect Yoon Seok-Yeol is working with financial authorities to regulate security-based token offerings (STOs) and IEOs. It is reported that STO, which aims to tokenize traditional securities such as real estate and stocks, is currently under consideration by the Presidential Transition Committee.
Spanish Central Bank Blocks Public Purchase of Cryptocurrencies
The Central Bank of Spain warns users of potential actions commercial banks can take when they detect purchases related to cryptocurrencies.
The warning suggests that accounts may be blocked due to suspicious behavior related to identity theft, and that there are other reasons that could lead to transaction restrictions, and clues linking money transactions to money laundering could also lead to cryptocurrency purchase transactions being blocked.
According to Spanish and European regulators, these crypto assets are not suitable as a payment method or investment vehicle.
Brazil: Approval of "Bitcoin Law" Coming Soon
A bill to regulate Brazil's cryptocurrency market is expected to be approved by the National Congress in the first half of this year. The legislation, which has been debated in the Chamber of Deputies since 2015, was approved in the first round of deliberations. The Senate attached it to another bill focusing on cryptocurrencies, which has already been approved by the Senate Economic Affairs Committee.
The approval of the law by the plenary will not make Bitcoin legal tender in Brazil, as it did in El Salvador. The proposed law would allow the Brazilian president to identify a federal entity that would be responsible for setting rules for cryptocurrencies. The regulator would be responsible for defining market guidelines and establishing norms that meet international standards to prevent money laundering and concealment of assets. Those who commit fraud in the provision of virtual asset services would be sentenced to four to eight years in prison, in addition to fines.
Another point highlighted in the bill is a series of incentives for cryptocurrency miners to do business in Brazil. It proposes a tax exemption for ASICs imported into the country. However, this may not be enough to attract Bitcoin miners to the country, as Brazil has some of the highest energy prices in South America, about five times higher than countries like Paraguay and Venezuela.
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Author: Byron. B & Charles. F & Peter. L (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
