Crypto News

<p>The troubles for FTX founder Sam Bankman-Fried continue to mount. He's been charged by US officials under the foreign corrupt practices act. The charge said he authorized an initial $40 billion bribe to unfreeze accounts in China, paid in cryptocurrency to one or more Chinese officials. </p><p>After confirmation the accounts were unfrozen, there were 'additional tens of millions' of payments to complete the bribe.</p> This article was written by Adam Button at www.forexlive.com.

<p> Michael Saylor is CEO of the firm. It's a big fan of Bitcoin. </p><p>Its total BTC holding is around 139K tokens. In the past 5 weeks its bought 6455 BTC. </p><p>Getting this info in hindsight is all well and good. And getting it real time is very difficult indeed unless you are an insider. Retail traders of BTC tend to rely on technical analysis instead. What else do folks use? In the comments please!</p> This article was written by Eamonn Sheridan at www.forexlive.com.

<p>Bitcoin is having a bit of an identity crisis, once again.</p><p>For nearly all of the past three years it's strictly been a risk-on/risk-off asset. Its tight correlation with the Nasdaq was useful to identify intraday turning points in sentiment but it seemed to destroy arguments that it was an uncorrelated asset.</p><p>At least it did until this month. Bitcoin surged in March as the security of the global banking system came into question. The 40% jump showed it could be an uncorrelated asset and a hedge once again, at least in a period of moderate financial stress. </p><p>Intuitively, the reasons it rallied his month make sense. Money was flowing out of banks in search of a home. Much of it moved to larger, safer banks and other funds moved into the safety of bonds or gold but bitcoin captured a large chunk as well. Its strength in this period breathed new life into it as an asset class even with <a href="https://www.forexlive.com/Cryptocurrency/binance-sued-by-cftc-of-regulator-violations-report-20230327/" target="_blank" rel="follow">US regulators tightening the screws</a>.</p><p>But for the next marginal dollar, what is bitcoin?</p><p>Banking stresses are declining today and if they continue to decline, does the air come out of bitcoin? At the same time, if the banking crisis fades, then presumably risk assets will also rebound. So there's a push-and-pull brewing and that's an uncomfortable position. </p><p>I hate to be in a place where I predict what's coming next and still get the trade wrong. I believe banking worries will quickly fade but I don't know if that's good or bad for bitcoin. </p><p>What the chart says</p><p>One thing that is inarguably great about bitcoin is that it runs with the technicals. The chart is interesting here as it consolidates around $27500 following a strong run. I wouldn't take that as a sign that a retracement is looming. Today it was hit by regulatory headlines and banking calm yet has only fallen 2%. A retracement down to $25,300 and retest of the February highs might be constructive as that was a critical resistance zone before it broke this month. Buying close to there would offer some support and a potential spot for a tight stop.</p><p>Overall though, this isn't an asset that's screaming for involvement, though that might depend on your view of what will happen with banks next.</p> This article was written by Adam Button at www.forexlive.com.

<p>The price of bitcoin </p><p>The price of bitcoin moved down about $1160 or -4.22% after the news on Binance was announced. That took the price away from its now converged 100 and 200 hour moving averages at $27,797.54 and $27,854.65. Bearish. The price low reached $26,541.</p><p>The move to the downside also broke below swing lows from March 18 and March 22 near the $26,700 level.</p><p>That should've led to more downside momentum in cryptocurrencies, but we are seeing a rebound back to the upside. The current price trades at $27,116. The swing low from March 25 at $27,228 and the swing low from March 24 at $27,043 are now resistance. Stay below both those levels and the sellers can hang on to more bearish bias. Move above, and I would be afraid that the sellers might be forced to buy back on the failed break.</p><p>Move back below the $26,700 level is needed to increase the bearish bias and have traders looking potentially down toward the 38.2% retracement at $25,632.13</p> This article was written by Greg Michalowski at www.forexlive.com.

<p>Binance Holdings, which is the world’s largest cryptocurrency exchange, along with CEO Changpeng Zhao, were sued by the US CFTC for breaking trading and derivatives rules, according to a Bloomberg report.</p><p>I don't think crypto investors realize how devastating US regulators can be and it's increasingly clear that they don't want crypto trading to flourish. They did the same thing with retail FX 10 years ago and it was scorched earth.</p><p>The lawsuit is in regards to not registering with the <a href="https://www.forexlive.com/terms/c/cftc/" class="terms__main-term" id="648b22e7-3e4c-4c8e-a49d-1c8f7f1ba0b6">CFTC</a> while allowing US residents to buy and sell derivatives. Other reports say the IRS and other US officials have been investigating Binance's anti-money-laundering compliance and the SEC has been scrutinizing whether the exchange supported trading of unregistered securities. </p><p><a href="https://www.forexlive.com/terms/b/bitcoin/" class="terms__secondary-term" id="40c895b3-a119-446c-9ead-2735a79a3f80">Bitcoin</a> is down 3.3% and ethereum about the same. The losses accelerated after these headlines but that's also an indication of worsening sentiment broadly. In addition, fading fear about US banks is diminishing demand for crypto safety.</p> This article was written by Adam Button at www.forexlive.com.

<p class="text-align-start">If you're a crypto investor, you probably know which are the top coins. But as crypto market is raising its head again, some investors revisiting crypto would appreciate a recap of the current options beyond the major assets (BTC and ETH). It's important to stay on top of the coins with the highest trading volumes. Here are the top 10 cryptocurrencies by trading volume, along with some key information that investors should keep in mind:</p><ol><li><p>Bitcoin (BTC): With a market cap of over $532 billion, Bitcoin remains the largest and most widely recognized cryptocurrency. Its price has risen 19.17% over the past 30 days, and it currently has a 24-hour trading volume of over $14.8 billion.</p></li><li><p>Ethereum (ETH): Ethereum is the second-largest cryptocurrency by market cap, currently valued at over $213 billion. Its price has risen 9.47% over the past 30 days, and it has a 24-hour trading volume of over $7.1 billion.</p></li><li><p>Tether (USDT): Tether is a stablecoin that is designed to maintain a 1:1 peg with the US dollar. Its market cap is over $79 billion, and it has a 24-hour trading volume of almost $24 billion.</p></li><li><p>Binance Coin (BNB): Binance Coin is the native token of the Binance exchange. It has a market cap of over $51 billion and a 24-hour trading volume of almost $380 million.</p></li><li><p>USD Coin (USDC): USD Coin is another stablecoin that is pegged to the US dollar. Its market cap is over $33 billion, and it has a 24-hour trading volume of almost $4 billion.</p></li><li><p>XRP: XRP is the native token of the Ripple payment protocol. It has a market cap of over $23 billion, and its price has risen over 20% in the past 7 days. Its 24-hour trading volume is over $1.6 billion.</p></li><li><p>Cardano (ADA): Cardano is a third-generation blockchain platform that aims to provide a more efficient and sustainable alternative to existing blockchains. Its market cap is over $12 billion, and it has a 24-hour trading volume of over $209 million.</p></li><li><p>Dogecoin (DOGE): Dogecoin is a meme-inspired cryptocurrency that has become a favorite of many retail investors. Its market cap is over $9 billion, and it has a 24-hour trading volume of over $288 million.</p></li><li><p>Polygon (MATIC): Polygon is a Layer 2 scaling solution for Ethereum that aims to improve its speed and scalability. Its market cap is over $9 billion, and it has a 24-hour trading volume of over $341 million.</p></li><li><p>Binance USD (BUSD): Binance USD is another stablecoin that is pegged to the US dollar. Its market cap is over $8 billion, and it has a 24-hour trading volume of almost $3 billion.</p></li></ol><p>BTCUSD technical analysis snapshot: Buyers might need to be careful here (and wait for a dip?)</p><p>As Bitcoin's price rises and approaches the 20EMA, buyers should exercise caution. The 20EMA is a popular technical indicator used to track a security's price trend, and it can act as resistance or support for the price. When Bitcoin has gone up almost 90% since November 2022, and reached the 20EMA on the monthly timeframe, there is a possibility that profit takers are waiting to sell their positions, causing a price reversal or consolidation. Buyers should be aware of this possibility and carefully monitor price movements around the 20EMA to avoid buying at the top of a rally and potentially losing money in a market correction.</p><p class="text-align-start">Keep in mind that trading volume alone is far from being the only indicator of a coin's value or future prospects. Investors should always do their due diligence and consider factors such as <a href="https://www.forexlive.com/technical-analysis">technical analysis</a> before making any investment decisions.</p> This article was written by Itai Levitan at www.forexlive.com.

<p>Bitcoin's price reached a new session high today at $28,818, inching closer to yesterday's peak of $28,936. The digital currency is now trading at its highest level since June 11, 2022. Additionally, the price has been oscillating around the 38.2% retracement level, calculated from the March 2022 high ($48,234) to the November low ($15,479), which stands at $27,991.41.</p><p>For traders, this retracement level serves as a crucial short-term risk gauge. A sustained price above this level signals a more bullish outlook. Although the price has fluctuated above and below this level over the past five trading days amid consolidation, yesterday's corrective low managed to remain above the March 14 spike swing high of $26,533, reinforcing a bullish bias. Yesterday's low reached $26,688.</p><p>The $26,533 level now represents a more conservative risk-defining threshold for buyers seeking further upside momentum. On the other hand, surpassing yesterday's high of $28,936 would shift traders' focus towards the psychologically significant $30,000 level. Bitcoin has not traded above $30,000 since June 10, 2022.</p><p>FOMO bitcoin traders unite.</p> This article was written by Greg Michalowski at www.forexlive.com.

<p> Do Kwon, the ex-CEO of crypto platform Terraform Labs, has been arrested in Montenegro, according to interior minister Filip Adzec.</p><p>“The former “cryptocurrency king”, who is behind losses of more than $40 billion, was detained at the Podgorica airport with falsified documents, and the same is claimed by South Korea, the USA and Singapore,” he said in a <a href="https://twitter.com/filip_adzic/status/1638886168078032896" target="_blank" rel="nofollow">tweet</a>. “We are waiting for official confirmation of identity.” </p><p>Kwon was behind the LUNA token and has been on the run for months, though has appeared in Twitch streams to weigh in on crypto-related matters. He was rumored to be in Serbia so the pickup in Montenegro makes sense. Before his downfall he was notorious for attacking his critics with lines like 'have fun staying poor'. He's been charged by the US SEC with fraud.</p><p>Yesterday, <a href="https://www.forexlive.com/Cryptocurrency/justin-sun-and-eight-celebrities-charged-for-tron-20230322/" target="_blank" rel="follow">Justin Sun and eight celebrities charged for TRON</a>.</p><p>/<a href="https://www.forexlive.com/terms/u/us-dollar/" class="terms__main-term" id="fddda8f4-d5f8-4ee4-8e34-3760ed062f3c">US dollar</a></p> This article was written by Adam Button at www.forexlive.com.

<p>Earlier on this here:</p><p><a href="https://www.forexlive.com/Cryptocurrency/coinbase-gets-a-notice-from-us-regulators-on-enforcement-action-due-to-alleged-violations-20230322/" target="_blank" rel="follow" data-article-link="true">Coinbase gets a notice from US regulators on enforcement action due to alleged violations</a></p><p>A Securities and Exchange Commission 'Wells notice' to the firm saying SEC staff had made a "preliminary determination" to recommend an enforcement action against the largest U.S. crypto exchange for violations of federal securities laws.</p><p>News sources with a little more now:</p><ul><li>Coinbase said in its filing that it "believes" any action relates to specific crypto assets listed on the platform will include aspects of the exchange's spot market, staking service, Prime and wallet services.</li><li> Coinbase did not respond to a request for comment but published a blog post at the time its filing became available stating the company is prepared to fight.</li></ul> This article was written by Eamonn Sheridan at www.forexlive.com.

<p>Coinbase discloses receipt of Wells Notice "alleging violations of the federal securities laws" related to "aspects of the Company’s spot market, staking service Coinbase Earn, Coinbase Prime and Coinbase Wallet."</p><ul><li>ie, SEC notice formally declaring the regulator’s plans to bring an enforcement action against the largest US crypto exchange </li></ul><p>This will tarnish the crypto complex. Bitcoin dropped on Wednesday, US time, FOMC related 'twas said. Might have been some insider activity on this also. </p><p>Related - did anyone hear about the spruiker pumping BTC to $1m this week. I hope for the fools who listened that it didn't cost them too much. </p><p>The SEC is the U.S. Securities and Exchange Commission</p> This article was written by Eamonn Sheridan at www.forexlive.com.

<p>The US Securities and Exchange Commission charged Justin Sun and several celebrities with alleged wash trading and illegal touting of tronix and BitTorrent tokens, which it describes as unregistered securities.</p><p>Sun is alleged to have directed employees to "engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled."</p><p>TRON is down 13.5% on the news</p><p>The celebrities sued for promoting TRON without disclosing they were being paid are:</p><p>• Lindsay Lohan</p><p>• Jake Paul</p><p>• DeAndre Cortez Way (Soulja Boy)</p><p>• Austin Mahone</p><p>• Michele Mason (Kendra Lust)</p><p>• Miles Parks McCollum (Lil Yachty)</p><p>• Shaffer Smith (Ne-Yo)</p><p>• Aliaune Thiam (Akon)</p><p>Here's the <a href="https://www.sec.gov/news/press-release/2023-59?utm_medium=email&amp;utm_source=govdelivery" target="_blank" rel="nofollow">release</a>.</p> This article was written by Adam Button at www.forexlive.com.

<p>I posted this earlier:</p><p><a href="https://www.forexlive.com/Cryptocurrency/icymi-binance-to-halt-gbp-withdrawals-and-deposits-for-its-uk-clients-20230315/" target="_blank" rel="follow" data-article-link="true">ICYMI - Binance to halt GBP withdrawals and deposits for its UK clients</a></p><p>Some better news this time as Coinbase will now permit customers in Singapore to move funds to and from accounts via local banks.</p><ul><li>transfers, in Singapore dollars, are facilitated by Standard Chartered</li><li>carry no fee</li></ul><p>Prior to this users could only purchase crypto via a Visa or Mastercard debit or credit card, or transfer crypto in and out of their Coinbase account.</p><p>---</p><p>BTC update:</p> This article was written by Eamonn Sheridan at www.forexlive.com.

<p>ICYMI the news overnight.</p><p>The main points from this news:</p><ul><li>Binance will discontinue withdrawals and deposits of GBP due to its local banking partner ending the relationship. </li><li>Withdrawals and deposits are no longer available for new users.</li><li> Withdrawals and deposits will be completely scrapped for existing users on May 22.</li><li> This doesn't affect other Binance.com in other accepted currencies and payment methods.</li></ul> This article was written by Eamonn Sheridan at www.forexlive.com.

<p>What a run for bitcoin.</p><p>This chart looks like an inverted head-and-shoulders pattern now, albeit a messy one. The $26,000 barrer was a big one and it's given way now in a rousing rush into bitcoin.</p><p>Problems in the US banking sector -- and particularly in the crypto banking sector -- were evidently a validation of bitcoin. I get the sentiment but the industry needs on-and-off ramps for cash, particularly the wider ecosystem. Within that, I think, is part of the message here. Bitcoin itself shines much more brightly than many coins when there is trouble.</p><p>For now, price is narrative and this is the kind of breakout that attracts some serious FOMO.</p> This article was written by Adam Button at www.forexlive.com.

<p>The price bitcoin is currently trading just short of the $24,000 level. The high price reach $24,618. The low price is way down at $21,900 today. On Friday, the low price reached $19,569. Since then, the price is up around 22.5%. </p><p>In that time, two banks have officially gone under, but the FDIC has guaranteed all deposits at all institutions. </p><p>Despite the crisis and concerns, but the FDIC backing, the price of bitcoin has pushed higher. Is crypto the safe haven? I don't know. It would seem that crypto exchanges/brokers could have similar risks as a SVB.</p><p>Technically, the dip buyers on Friday found support against its 200 day moving average near $19,718.53. The price was still below the 100 day moving average at the close on Friday, but on a Saturday, the price moved and closed above the 100 day moving average. Yesterday momentum developed taking the price to a high of $22,269.</p><p>Today the momentum took the price to $24,618. In the process, the price moved back above the February 2 high at $24,258, but fell short of the swing high from February 16 at $25,270. The high price on February 21 reached $25,250. Overall there is a swing area between $24,258 and $25,270. The high price today reached between those levels of $24,618. </p><p>Going forward, it would take a move above that swing area (see red numbered circles in the chart above) to increase a bullish bias. Absent that than the high price today although sharply off the low from last Friday, is just a correction into the topside resistance area.</p> This article was written by Greg Michalowski at www.forexlive.com.