Month: January 2022

Bitcoin Reaches Key Juncture, Why Recovery Won’t Be Easy

Bitcoin traded towards $41,200 before recovering against the US Dollar. BTC must clear $42,800 to start a fresh increase in the near term. Bitcoin extended decline and traded below the $42,000 support zone. The price is still trading below $43,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $42,780 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if there is a clear move above the $42,800 resistance. Bitcoin Price…

UK to Tighten Rules on Crypto Ads to Ensure They’re Fair, Clear, Not Misleading – Regulation Bitcoin News

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The U.K. government has announced plans to impose new rules on cryptocurrency ads to ensure they are fair, clear, and not misleading to consumers. The rules will be enforced by the Financial Conduct Authority (FCA). UK to Impose New Rules on Crypto Ads The U.K. government announced Tuesday plans to impose new rules on cryptocurrency advertisements to “protect consumers from misleading claims.” The announcement states: New rules will increase consumer protection while encouraging innovation. The U.K. chancellor of the exchequer, Rishi Sunak, commented: “Crypto assets can provide exciting new opportunities,…

Microsoft’s massive Metaverse move: Buying Activision for $69B

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Microsoft Crop. is acquiring gaming giant Activision Blizzard Inc. for $69 billion as part of a move to ramp up its gaming and Metaverse plans. Activision Blizzard is home to a long list of iconic gaming franchises such as Call of Duty, Overwatch, Candy Crush, World of Warcraft and Tony Hawk’s Pro-Skater. Following the deal, its games are set to be added to Microsoft Xbox’s Game Pass service that has 25 million subscribers. According to a Jan. 18 announcement from Microsoft, the firm will acquire Activision Blizzard for $95.00 per…

Georgian citizens made to swear an oath to stop mining crypto

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Residents of Svaneti, Georgia, have reportedly been made to pledge a holy oath they will not mine cryptocurrency in order to deal with energy shortages blamed on Bitcoin mining. The economy of the northwest Svaneti region of Georgia depends on tourism spending, which rose every year from 2000 to 2019 according to Macrotrends. As a result of the Covid-19 pandemic, however, tourism plummeted in 2020 and has only recently begun to return to pre-Covid levels of growth. To make do, hundreds of residents turned to mining crypto which has been…

ELA, API3 and PROM buck the market-wide downtrend by posting a 20%+ gain

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Fear and volatility remain the theme of the week as Bitcoin (BTC) continues to face stiff resistance near the $42,000 price level and stock markets were also hard hit on Jan. 18. Investor fear over this year’s proposed rate hikes continue to apply bearish pressure and at the closing bell the DOW was down 530 points, or 1.4%. Despite the downturn, altcoins managed to overcome the noise and several posted double-digit gains on Tuesday. Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro Data from Cointelegraph…

SoFi Can Launch Bank Provided It Doesn’t Touch Crypto

Student loan and financial service provider Social Finance Inc. (SoFi) has received conditional approval from the Office of the Comptroller of the Currency (OCC) to create a full service national bank, provided the new entity does “not engage in any crypto-asset activities or services,” the OCC announced on Tuesday. Source

Binance to Launch New Cryptocurrency Exchange in Thailand After Thai SEC Filed Criminal Complaint – Bitcoin News

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Crypto exchange Binance is launching a new exchange in Thailand after the country’s Securities and Exchange Commission (SEC) filed a complaint against the company for operating without a license. Binance has now signed an agreement with Gulf Energy Development, a Thai public company, to establish a crypto exchange in Thailand. Binance and Gulf Energy to Establish a Crypto Exchange in Thailand Gulf Energy Development, a Thai public company, notified the Stock Exchange of Thailand (SET) Monday that its wholly owned subsidiary Gulf Innova has entered into a Memorandum of Understanding…

Here’s why Binance Coin is 33% down from its all-time high

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Binance Coin (BNB) holders enjoyed a 1,760% rally from $37 to $692 between January and May 2021, but as is customary in crypto, this surge was followed by a 69% correction two weeks later.  From there, it’s been a bit of a rough patch to regain investors’ confidence and BNB failed to produce another all-time high in November even though the aggregate cryptocurrency market capitalization peaked at $3 trillion. Binance Coin / USDT at Binance. Source: TradingView In addition to being 33% down from its all-time high, BNB investors have…

The House Looks Into Crypto's Energy Impact

A House committee will take a look at crypto and its energy requirements this week. It’s another congressional look at crypto. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. Yet another crypto hearing The narrative Crypto’s energy use has been under scrutiny for quite a while. We’re going to hear from U.S. lawmakers about the issue for the first time in years on Thursday, when the House Energy and Commerce Committee hosts a hearing titled “Cleaning Up…

First Mover Asia: Fed Tightening, Economic Woes Continue to Spook Crypto Investors

Good morning. Here’s what’s happening: Market moves: Bitcoin and ether go down and then up; altcoin prices are mixed. Technician’s take: BTC appears oversold into the Asia trading day, but upside remains limited. Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. Prices Bitcoin (BTC): $42,463 +0.8% Ether (ETH): $3,166 -1.3% Top gainers Asset Ticker Returns Sector Cardano ADA +9.1% Smart Contract Platform Litecoin LTC +4.0% Currency Top losers Asset Ticker Returns Sector Cosmos ATOM −7.9% Smart Contract Platform Chainlink LINK −7.2% Computing…