Crypto Research
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MARKET ANALYSIS After briefly falling below its persistent $9,000 support level on Sunday, Bitcoin finished the 7 days ending 7/6 at $9,375; up 1.7% on the week. Volatility over the past 7 days has been exceptionally low with Bitcoin trading between a low of $8,977 and a high of $9,375. Bitcoin remains firmly ahead of gold as the best performing asset class on a YTD basis. Bitcoin Cash led all...
THE HEADLINES [Members Area Crypto] FATF RELEASES STABLECOIN RECOMMENDATION www. fatf-gafi. org The Financial Action Task Force completed a 12-month review on stablecoins by releasing a report to the G20 suggesting that the development of stablecoins have the potential to spur financial innovation and efficiency and improve financial inclusion but recommends that an increased global response is needed to insure fiat-backed tokens comply with current terrorist financing and money laundering...
THE HEADLINES [Members Area Crypto] GERMANY PLANS TO FOCUS ON OPPORTUNITIES WITH DIGITAL ASSETS AS NEW PRESIDENT OF FATF www. news. bitcoin. com Germany has taken over the presidency of the Financial Action Task Force (FATF) and intends to focus on “opportunities that technology can offer, by launching an initiative to monitor risks and explore opportunities” across virtual assets. [Members Area Crypto] IRAN WILL REQUIRE CRYPTO MINERS TO REGISTER RIGS...
THE HEADLINES [Members Area Crypto] BANK OF JAPAN EXPLORING PROS AND CONS OF DIGITAL YEN www. decrypt. co The Bank of Japan published a report on the pros and cons of issuing a digital Yen and found that their digital currency needs to be “resilient” and “universally accessible” for it to be viable. [Members Area Crypto] LITHUANIA READY TO RELEASE CBDC www. reuters. com Lithuania plans to begin selling LBCOINs,...
THE HEADLINES [Members Area Crypto] COURT RULES BLOCKCHAIN ANALYSIS DOES NOT REQUIRE WARRANT www. coindesk. com The Fifth Court of Appeals has ruled that the Fourth Amendment – unreasonable search and seizures – does not protect individuals, requiring a warrant, when a public blockchain transaction is reviewed. [Members Area Crypto] DC BAR APPROVES RECEIPT OF CRYPTO FOR LEGAL SERVICES www. dcbar. org The District of Columbia Bar issued a legal...
THE HEADLINES [Members Area Crypto] SENATE BANKING COMMITTEE REMAINS OPEN TO DIGITAL DOLLAR www. coindesk. com In yesterday’s hearings of the Senate Banking Committee, lawmakers repeated their negative stances against technology companies and warned that a digital dollar could bring risks to the market, but Republican Senators Mike Crapo (R-ID) and Tom Cotton (R-AR) spoke of the need for a digital dollar with Cotton suggesting that “the U.S. dollar has...
MARKET ANALYSIS After Bitcoin’s price briefly dipped below $9,000 on Saturday, gains on Sunday pushed it back above $9,000 into the lower band of its $9,000-$10,000 trading range that has persisted since the halvening. This ended its longest streak of daily losses (5 days) in over half a year. Prices last declined for 5 consecutive days in early December 2019. Bitcoin remains firmly ahead of gold as the best performing...
THE HEADLINES [Members Area Crypto] ZIMBABWE HALTS MOBILE MONEY PLATFORMS www. bloomberg. com The Reserve Bank of Zimbabwe has suspended the use of mobile phone monetary transaction platforms and accused “the phone-based mobile-money systems of Zimbabwe [of] conspiring… in illicit activities that are sabotaging the economy.” [Members Area Crypto] EXISTING PRIVACY TECHNOLOGY LACKS MATURITY FOR CBDC www. bankofcanada. ca The Bank of Canada believes current techniques to achieve cash-like privacy...
THE HEADLINES [Members Area Crypto] CHINA USING CBDC TO HELP LIMIT CAPITAL FLIGHT www. asia. nikkei. com The People’s Bank of China says the use of a central bank digital currency will help monitor and control the flow of capital outflows by individuals trying to smuggle yuan out of the mainland to acquire Hong Kong or US dollars. [Members Area Crypto] BUY BITCOIN AT AUSTRALIAN POST OFFICES www. australianfintech. com....
THE HEADLINES [Members Area Crypto] CHINA BLAZING THE TRAIL WITH DCEP www. scmp. com Benoit Coeure, head of the Bank of International Settlement’s Innovation Hub, says the international community can learn from Chinese efforts in launching its digital currency electronic payments (DCEP) system and “blazing the trail.” [Members Area Crypto] MONACO BUILDING DEFI FOCUSED FRAMEWORK www. tokeny. com The government of Monaco has passed a bill allowing the issuance of...
THE HEADLINES [Members Area Crypto] VENEZUELAN GOVERNMENT ALLOWING PAYMENT WITH BITCOIN www. crypto-markets. news The Government of Venezuela previously announced it would accept the oil-backed petro coin as a method of payment at the passport office, but it now appears to have also allowed Venezuelan’s to pay with bitcoin. [Members Area Crypto] BIS SEES BENEFIT IN CBDC www. beta. documentcloud. org The Bank for International Settlements believes central bank digital...
CRYPTO SELL OFF WITH MOST RISK ASSETS - Cryptocurrencies broadly sold off today along with most risk assets raising the question of whether a bigger correction is developing. _WHILE A DEEPER CORRECTION IS ALWAYS POSSIBLE IT IS PREMATURE TO TECHNICALLY CONCLUDE BTC’S MAY-JUNE TRADING RANGE IS MORPHING INTO A DOWNTREND._ KEY TECHNICAL LEVELS FOR BTC – The long-term trend for BTC remains positive with a move above 10-10.5K resistance needed...
