BlocksInform
Bitcoin extended its uptrend over the weekend, reaching a high of $23,900 on Sunday, a level last seen on Aug. 17. the largest cryptocurrency in the world has since shrunk to approximately $23,200. YTD, Bitcoin has taken 40%. The aether has increased by 30% over the year. "While the movement was clearly led by volumes above normal in Bitcoin, This weekend's rally was a shared rally with plenty of spare parts putting in some healthy numbers,' said Kssis, crypto commercial consultant with cec capital. "A correction and profit should not be ruled out at these levels downwards to 23K." Additionally, the Fear and Greed Index, a metric designed to gauge the market sentiment of cryptocurrency at any given time, has flipped to “greed” from reading “neutral” as of Sunday.
Lawyers for Sam Bankman-Fried have argued he should be allowed access to assets and crypto held by his former company , saying there's no evidence he's responsible for previous alleged unauthorized transactions. Bankman-fried, who resigned as chief executive officer of ftx in November when the crypto exchange filed for bankruptcy, is released on bail while dealing with numerous federal criminal charges, including the scheme of electronic fraud and money laundering. He pleaded not guilty to every accusation. As part of his bail conditions, Bankman-Fried was prohibited from accessing cryptocurrency held by FTX and its affiliated trading arm, Alameda Research, after the government pointed to illicit transfers made from Alameda wallets. The bar includes crypto purchased with FTX or Alameda that Bankman-Fried didn't access or transfer, Mark Cohen, Bankman-Fried's lawyer, wrote in a letter to U.S. District Judge Lewis Kaplan, the presiding judge in FTX's bankruptcy case, that was dated Saturday.
South Korea’s Ministry of Justicplans to start tracking crypto transactions as it looks to crack down on money laundering, it said in a report Thursday. The department will first use third-party software to track transaction history, retrieve transaction information and verify the source of funds. He plans to develop his own system, which is expected to be ready by the second half of the year. South Korean police signed a deal last October with national crypto exchanges upbit, bithumb, coinone, corbit and gopax, committing to cooperate in criminal investigations involving crypto. Bithumb is under investigation for tax evasion and price manipulation.
(TradingView)
- The graph on the left shows that gold peaked at the beginning of November and rotated higher after that, leading to Bitcoin's bull recovery by almost two months.
- The yellow metal rally stalled in recent days, a cause of concern for cryptocurrency bubbles, according to Singapore-based qcp capital.
- "When it comes to gold, the level of support between $1,890 and $1,900 is critical. Gold should remain above that level for the crypto bullish trend to hold," said qcp capital in a market update released on Friday.
- In addition to equities, gold and the USD also dominated cryptography. What we are concerned about here is that the dollar is starting to show massive and positive divergences,' added qcp.
