Top Crypto Market Updates | February 15-16 2022

byZero Gravity/February 17, 2022/inCrypto Market Updates, Crypto News

Round-up of the most important news stories within the cryptocurrency market in the last two days, including regulatory updates and daily data analysis.

Bitcoin Moves Sideways As Geopolitical Tension Rises

Bitcoin reclaimed the $44,000 mark and touched days’ high off of $44,600 on the morning of 16th Feb, however; due to escalated Russia-Ukraine tensions increased the risk sentiment, the price has since been moving within the $43,000 and $44,500 range. Although $44,000 seems like a wall of resistance for Bitcoin which continues to hold bulls at bay, the Elliott Wave Theory technical analysis suggests a possible and sideways correction before finishing C wave to upside.

At the same time, the crypto market is keeping an eye on the steps that the U.S. Federal Reserve might take to combat higher inflation rates. However, if Bitcoin continues to hold above the $42,000 level, indicators, especially the LTF wave structure, suggest we are more likely to ride a new way to a higher price.

Bitcoin Critics and Rebuttals – (And “A Change of Heart?”)

Warren Buffet’s second in command, Charlie Munger, has struck again against Bitcoin yesterday by calling it “some venereal disease” that he has proudly avoided.

This is not the first time the billionaire investor has criticized cryptocurrencies. In several interviews, he “regards Bitcoin craze as totally asinine” and has considered digital assets as a currency that kidnappers or tax fraudsters are more likely to use.

Warren Buffett’s long-trusted deputy is not the only one who has spoken against cryptocurrency in the last two days.

While most Americans loved crypto ads during the Super Bowl game, Senate Banking Head, Sherrod Brown, blasted them during a senate committee hearing and said that the advertisements lacked “transparency”.

In a completely different scenario, Berkshire Hathaway – a multinational conglomerate run by Warren Buffet and where Charlie is a vice-chairman – invested $1 billion in Nubank, a digital lender, in the last quarter of 2021, according to SEC. This move has puzzled the crypto community because both American investors have traditionally spoken outrageously against cryptocurrencies and yet invested in them.

US Lawmakers Tighten the Grip on Crypto

From introducing a new bill to mitigate crypto-related risk to investigating top cryptocurrency exchange, the US government is toughening its stance against the crypto ecosystem.

A new bill has come into the light that aims to mitigate risks posed by El Salvador’s adoption of considering Bitcoin as legal tender in the country. The proposed bill was introduced yesterday by three US senators, including Mr. Risch, Mr. Menendez, and Mr. Cassidy. If/when the bill passes, Federal agencies will need to submit a report on the country’s abilities regarding financial stability and cybersecurity within 60 days.

The SEC is also eyeing one of the world’s largest exchanges, Binance. As per a WSJ article, the U.S. Securities and Exchange Commission is currently looking into the relationship between Binance’s US-based exchange and two other trading firms, Sigma Chain AG and Merit Peak. The report suggests that Binance’s CEO, Changpeng Zhao, is connected to both trading firms along with other former executives of the company.

Illicit Transaction in Cryptos are Rising, But Still, A Lot Lower Compared to Legitimate Transactions

A Chainlysis report suggests that cryptocurrency-based crime has grown from $4.6 billion in 2017 to $14 billion in 2021.

Though the increase in illicit transaction volume is attributed to the growing usage of cryptocurrencies, the data shows that the growth of the legitimate usage of crypto has outpaced the growth of criminal usage. The total crypto market volume has only about 0.15% of transactions involving illicit addresses in 2021, which is 0.47% lower than the data of illicit transaction volume collected in 2020.

DeFi remains the major sector of crypto responsible for more than $2 billion of stolen funds in different protocols, an increase of 1330% since 2019. Centralized exchanges are in the second position with less than $500 million stolen from them in 2021.

Positive Crypto Sentiments Around the World

Starting with Russia, the finance ministry of the country has contradicted the statement of the Bank of Russia and said that instead of banning cryptocurrencies, the government should fix the ongoing predicament surrounding crypto regulations. Finance Minister, Siluanov, also emphasized filing a proposal to the government on how to regulate cryptocurrencies.

Colorado might accept crypto for tax and other official payments shortly. Governor Jared Polis, while speaking about the plans to enable Colorado for digital currencies, said that they are looking to make payments more efficient and convenient, which is why the state would accept multiple cryptocurrencies. During his speech, he also announced that Colorado is actively looking at companies that will help manage crypto-related transactions.

Jumping onto the bandwagon next is Israel. The Middle Eastern country has just announced its plan to collaborate with professionals in order to regulate the FinTech and crypto industry. The pro-blockchain statement comes from the chair of Israel Securities Authority (ISA), Anat Guetta, who told Coindesk about their plan to utilize blockchain technology for the betterment of the country.

Disclaimer:

The information discussed here is not financial advice. This is for educational and informational purposes only. DYOR before making any investments and consult your financial advisor. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

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; Cointelegraph @Cointelegraph ·

8 May 1655644988175437824

According to a report from The Wall Street Journal, Chinese companies are studying methods to develop AI via weaker semiconductors and combinations of chips to bypass reliance on a single type of hardware.

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; The Founding Monkey @Gav_Berry ·

29 Apr 1652281882002718720

People seem to be forgetting that BTC.D generally increases in a bear market not a bull market.

In bull markets Alts out-perform #bitcoin and in bear market Alts capitulate harder than #Bitcoin

Don’t be so sure that an explosion on BTC.D means an explosion for #Bitcoin

99.9%… https://twitter.com/i/web/status/1652281882002718720

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649391607798480897

Research shows that only a few #NFT projects will survive, those with Utility and those that are building vigorously throughout the Bear Market.

Fortunately we very much tick both of these boxes.

#Crypto Twitter, you have been warned on multiple occasions.

Tag your friends… https://twitter.com/i/web/status/1649391607798480897

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; Drunken Monkey Members Club @DrunkenMonkey ·

21 Apr 1649384569567625216

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; 🐒The Social Monkey🐒 @G_DMMC_83 ·

17 Apr 1647998662629261312

@crypto_bitlord7 @Gav_Berry is a 💎

Never fade @DrunkenMonkey

Very big things are already here, not all professionals are aware of the services owning a membership has.

Yet

I’m surprised you don’t own a few digital assets to be fair bro

🌍 http://www.drunkenmonkeyclub.com

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; The Founding Monkey @Gav_Berry ·

16 Apr 1647705698040414212

As this bear-market rally finally comes to a close, we have one last episode, and that is the bear market Alt season…

Stables > #Bitcoin > #Ethereum #Altcoins > Stables….

Remember the pattern…

Tight stop-losses, Let’s go 🚀

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; The Founding Monkey @Gav_Berry ·

4 Apr 1643345006214762502

ETH 2.0 Shanghai upgrade (Thread)

Liquidity Staking Derivatives (LSDs)

Here is the story - (1)

Most will be aware of the #ETH 2.0 and the #Shanghai upgrade which comes to fruition on April 12th. 18 million ETH will become unlocked on April 12th, will this cause a sell-off?… https://twitter.com/i/web/status/1643345006214762502

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; Pomp 🌪 @APompliano ·

1 Apr 1642261068012564482

True entrepreneurs can figure out how to make money in any industry

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642217548966969344

Your typical #Crypto #FuckedBoy

Tag a friend… 🫴🏼

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; The Founding Monkey @Gav_Berry ·

1 Apr 1642209366043492362

The last time #Bitcoin tested the $29,000 resistance level on quarterly closing was Q4 2020.

The last time USDT.D had a bearish engulfing quarterly candle, taking out the 2 previous quarters, was (you guessed it) Q4 2020.

On both occasions this USDT.D bearish engulfing candle… https://twitter.com/i/web/status/1642209366043492362

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Crypto Prices

Bitcoin

$27,158.97

BTC 0.20%

Ethereum

$1,903.61

ETH 0.60%

Binance Coin

$305.90

BNB -0.42%

Cardano

$0.38

ADA 0.08%

Dogecoin

$0.07

DOGE 0.42%

XRP

$0.52

XRP 1.71%

Polkadot

$5.29

DOT 0.23%

Uniswap Protocol Token

$5.07

UNI -0.14%

Solana

$21.14

SOL -0.24%

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Top Crypto Market Updates | February 15-16 2022

Round-up of the most important news stories within the cryptocurrency market in the last two days, including regulatory updates and daily data analysis.

Bitcoin Moves Sideways As Geopolitical Tension Rises

Bitcoin Critics and Rebuttals – (And “A Change of Heart?”)

US Lawmakers Tighten the Grip on Crypto

Illicit Transaction in Cryptos are Rising, But Still, A Lot Lower Compared to Legitimate Transactions

Positive Crypto Sentiments Around the World

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Top Crypto Market Updates | February 15-16 2022

Round-up of the most important news stories within the cryptocurrency market in the last two days, including regulatory updates and daily data analysis.

Bitcoin Moves Sideways As Geopolitical Tension Rises

Bitcoin Critics and Rebuttals – (And “A Change of Heart?”)

US Lawmakers Tighten the Grip on Crypto

Illicit Transaction in Cryptos are Rising, But Still, A Lot Lower Compared to Legitimate Transactions

Positive Crypto Sentiments Around the World

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