Category: Cryptocurrency News

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Dogecoin has climbed 109% in 6 days. Why did the "Buy the rumour, sell the news" not work this time? I'll be honest. I was expecting it to go the other way. Damn was I wrong. The "Buy the rumour, sell the news" mantra is that investors will start buying up a stock or crypto…
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The Argentine Tax Authority (AFIP) is ramping up its fight against cryptocurrency-related tax evasion. On Oct. 28, the organization informed it had sent notifications to 3,997 taxpayers about incongruencies between their tax statements and reports on their cryptocurrency holdings. These statements being reviewed correspond to reports of operations happening in 2020. Argentine Tax Authority AFIP […]

The United States-based crypto industry advocacy group the Blockchain Association has said it will stand with Ripple Labs amid its ongoing legal battle with the Securities and Exchange Commission (SEC), claiming the case could be very important for the future of the industry.

Cash and hawala remain the “predominant methods of terror financing,” according to a UN official, however, “advanced” terror organizations are turning to cryptocurrencies.

From one Candian coffee shop to a worldwide network of nearly 39,000, crypto ATMs have turned nine years old and are only expected to continue growing.

The company changed its name on Oct. 28, 2021, reflecting growing ambitions to transcend beyond social media and into Web3 and the Metaverse.

A member of the defense team of the alleged BTC-e operator Alexander Vinnik has called on the head of the Russian Orthodox Church to intervene in support of his client. The Russian national may be sentenced to over 50 years in prison for his role in the infamous cryptocurrency exchange. Prisoner Swap for Americans in […]

Bitcoin price started a downside correction from $21,000 against the US Dollar. BTC could start a fresh increase if it remains stable above the $20,000 support. Bitcoin is slowly moving lower from the $21,000 resistance zone. The price is trading below $20,500 and the 100 hourly simple moving average. There is a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another upward move if it stays above the $20,000 support zone. Bitcoin Price Starts Downside Correction Bitcoin price made another attempt to clear the $21,000 resistance zone. However, BTC failed to gain momentum above the $21,000 resistance zone. A high was formed near $21,074 and the price started a fresh downside correction. There was a move below the $20,600 and $20,500 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high. Bitcoin price is now trading below $20,500 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $20,700 on the hourly chart of the BTC/USD pair. The price is now holding the $20,450 support zone. It is close to the 61.8% Fib retracement level of the upward move from the $20,029 swing low to $21,074 high. On the upside, an immediate resistance is near the $20,600 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com The first major resistance sits near the $20,700 level and the channel trend line. The next major resistance is still near $21,000. A clear move above the $21,000 resistance might start a steady increase towards the $22,000 resistance. Any more gains open the doors for a test of the $22,500 resistance zone. More Losses in BTC? If bitcoin fails to rise above the $20,700 resistance zone, it could continue to move down. An immediate support on the downside is near the $20,450 zone. The next major support is near the $20,200 zone. The main support sits at $20,000. A downside break and close below $20,000 might open the doors for a substantial decline in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $20,200, followed by $20,000. Major Resistance Levels – $20,600, $20,700 and $21,000.

Notably, the first half of the year brought the most drastic phase of crypto winter ever witnessed in the history of cryptocurrency. Coupled with the collapse of Terra and some crypto-related companies, the market was thrown into a state of crisis. Related Reading: Bitcoin Price Aims For $21,000, Will There Be A Wider Trend Change? However, a report from Fidelity Digital Assets implies that the crypto fundamentals remained unscathed through the bearish trend. This information sprung following the manager’s annual report tagged 22 Institutional Investor Digital Assets Study. This occurred as the firm x-rayed the crypto industry from an institutional perspective. According to the research, the crypto market has fully repositioned to wade off the impact of macroeconomics it’s been facing recently. Survey Indicates Strength Of Crypto Fundamentals Tom Jessop, the President of Fidelity Digital Assets, reacted to the research. According to him, digital fundamentals have stood firm through the storm. Also, he noted that the institutionalization of the crypto market for some years had fortified it to withstand recent impacts. According to Jessop, institutional investors exhibited their experience scaling through different market cycles. He mentioned that the attractive factors in the market maintained their relevance as they moved across the bearish phase. The research surveyed about 1,052 experts from different firms during the year’s first half. As a result, it revealed the varying levels of crypto adoption among different types of investors. According to the survey, adoption among institutional investors increased in some regions compared to the year’s value. The US and Europe recorded an increase of 42% and 67%. Asian institutional investors have a slight drop. But the overall outcome showed that they had the highest adoption of crypto assets with an allocation of 69%. In terms of investor type, crypto adoption and consideration topped among high-net-worth investors, venture capital investors, financial advisors, and crypto hedge funds. The lower-scale adoption investors are endowments and foundations, pension plans, family offices, and traditional hedge funds. Fidelity Digital announced its provision of Ethereum trading options for its institutional market earlier this month. Top Appealing Features For Institutional Investors The research from Fidelity Digital also recorded some appealing features, as noted by institutional investors. The surveyed participants’ most appealing ones include innovation technology, decentralization, and high potential upsides. According to the survey, the surveyed investors cited that crypto has no correlation to other assets as the fifth most appealing feature. But the crypto markets have shown a high correlation to tech stocks this year. Additionally, the research covered investors’ plans for cryptocurrency investments or purchases. It noted that 74% of the participants still had such plans, slightly higher than the 71% recorded last year. Related Reading: Bitcoin Whales Who Bought 1 Month Ago Hold Strong Despite Chance To Take Profit The value is commendable, considering that 2021 was bullish while the bears dominated the 2022 digital asset market. Featured Image From Unsplash, Charts From TradingView