BitcoinGold/Bitcoin Trading forecasts and signals

On the penultimate day of the working week, the cryptocurrency market shows a moderate decline. Bitcoin has been losing almost 5% over the past day and is trading around $33,500. Thus, the recent price rebound was almost completely compensated. The inability to overcome the threshold $40,000 dollars results in increased bear pressure. As before, the phrase “what does not grow – falls“ is extremely relevant for the crypto market. So far, the scale of the decline is not critical for the market, and a drop up to $30,000 will not mean a reversal of the broad trend. However, if we see a decline to $29,000 and below, this situation may well provoke panic sales. However, it is worth remembering: the more panicky we see sales, the more aggressive the purchases of hunters for discounts will be.The latest episode of the sale on the cryptocurrency market during the last quarter was associated with tough actions of regulators, the emergence of concerns about the possible curtailment of the incentive policy, loud populist statements regarding the non-environmental nature of bitcoin, as well as a decrease in institutional demand for digital currencies. Although sales have somewhat stabilized, the main cryptocurrency remains squeezed in the range between $30K – $40K.The hashrate of the bitcoin network has stabilized after a long period of decline due to the relocation of miners and the shutdown of equipment. Market participants assume that the most difficult moment after the statement of the Chinese authorities about the need for miners to curtail their activities in China has passed. At the moment, the computing power of the network is far from peak values. However, no one doubts that soon the miners will turn back on their equipment and the hashrate will begin to grow. This situation will bring the crypto market a more significant diversification of computing power, the distribution of mining plants around the world, but for China, the loss of control over the computing power of Bitcoin can turn into unpleasant consequences.Nevertheless, the country's authorities should have kept the competitor as close as possible, and not created conditions for even greater global attractiveness of the asset. After all, the more decentralized Bitcoin is, the higher its value in the long term. The relevance and need for Bitcoin is only growing as financial nuts are being tightened in all economies of the world. The world economy has very quickly gone from total globalization to a virtually global trade war. The policy of central banks gave birth to Bitcoin, which has undoubtedly become one of the iconic symbols of the new era and has the potential to turn into a separate ...

The US Federal Reserve System (FRS) begins to pursue the cryptocurrency industry after the end of the preparatory stage, said Caitlin Long, founder of Avanti crypto bank.Bitcoin fell on Tuesday to five-day lows of about $32,200 after the release of data on record inflation in the United States since 2008. Rising prices may lead to a tightening of the Fed's monetary policy, which is negative for all assets, including cryptocurrencies.Meanwhile, the CEO of Avanti announced the "beginning of the persecution" of the cryptocurrency industry by American regulators.According to Long, the Fed intends to complicate access to the payment system and bank accounts - related to crypto assets to companies."It seems that the repression has begun. I do not know how it will end, but it will not directly affect Bitcoin and other cryptocurrencies. This will affect intermediaries and access points to US dollars, " she explained.According to Long, an important event for the industry took place on July 13 - the period of collecting public opinions on the Fed's proposed guidelines for evaluating requests for access to bank accounts and the payment system ended.The document was submitted in early May and defines the principles on the basis of which the Fed will evaluate requests for access to its services.Because of this document, there is a risk of a repeat of the situation in 2017, when cryptocurrency startups massively lost bank accounts, the CEO of Avanti believes. The risk of termination of servicing the industry by banks was mentioned earlier by the Coinbase exchange in the application for listing its securities.Increased regulatory oversight can benefit the cryptocurrency industry, said billionaire and co-founder of Bitmain Jihan Wu. In his opinion, regulation "weeds out intruders" and improves the reputation of the industry in the conditions of rapid growth.Recall that in May, the Chinese authorities banned companies from supporting cryptocurrency-related business, and then announced plans against cryptocurrency mining and bitcoin trading. In June, the world's largest crypto exchange Binance faced regulatory pressure.No one doubts that the Chinese authorities will officially squeeze out all possible analogues of the digital yuan from their territory, and this fact is unlikely to cause serious pressure on the market. Markets are afraid that other countries will adopt Beijing's experience. Developed economies are more restrained in their manifestations, and they are probably trying to assess the consequences of such ...

The head of the Federal Reserve met in May with the CEO of the largest American crypto exchange Coinbase before the collapse of Bitcoin.Many experts also attributed the previous fall of Bitcoin since the end of 2017 to the actions of the American Central Bank.Bitcoin has lost all correlation with the US stock market since about mid-May. Since May 13, the S&P 500 stock index has grown by 7%, while the bitcoin exchange rate has fallen twice.On May 11, the head of the Federal Reserve Jerome Powell met with the founder of the cryptocurrency exchange Coinbase, Brian Armstrong, follows from the recently published schedule of meetings of Powell for May. A month before that, Coinbase was listed on the Nasdaq exchange.It is noteworthy that Powell then personally met with Armstrong, and not in a remote format via Zoom, as most of his meetings take place. Former White House Speaker Paul Ryan was also present at that meeting. It is not known what they were talking about.The next day, on May 12, the head of the Federal Reserve met with the former chairman of the Commodity Futures Trading Commission, Christopher Giancarlo. In the schedule, he is announced as the head of a private initiative to develop a digital dollar.Armstrong on May 14 tweeted about his trip to Washington, but did not say a word about the conversation with Powell. According to him, during the week he met with "members of Congress and heads of various federal agencies".One way or another, but May 12 is exactly the day when bitcoin began a sharp decline from $58,000, ending up in eight days around $30,000. The decline was then associated with the May 12 tweet by Elon Musk about the termination of the acceptance of Bitcoins by Tesla.Nevertheless, in the light of the newly discovered facts, market participants are beginning to wonder what the head of the Federal Reserve said to the CEO of Coinbase, after which bitcoin experienced the largest collapse of the exchange rate since December 2017.The Coinbase crypto exchange, founded in 2012, is used by more than 56 million individuals from 100 countries around the world. As of the end of March, assets worth $223 billion were traded on it.The incessant growth of cryptocurrencies could be dangerous for Coinbase because speculators holding assets for the sake of further growth do not make transactions, which deprives the exchange of trading volumes, and therefore ...

One of the forks of bitcoin - Bitcoin SV (BSV) - jumped by 28% on Monday.The reason for this movement was the victory of Craig Wright in the case of the rights to the "white paper" of the first cryptocurrency.Wright calls himself Satoshi Nakamoto, the creator of bitcoin, but does not provide any convincing evidence for this. According to Wright, BSV is a real Bitcoin.The High Court of London ruled in favor of Craig Wright in the case against the owner of the site Bitcoin.org under the pseudonym Cobra.The decision in favor of the plaintiff in the case of copyright infringement was made due to the defendant's refusal to defend himself. This was reported by the Ontier law firm representing Wright's interests.According to the notice, on June 28, the judge banned the defendant from violating Wright's copyright in the UK "as by providing the opportunity to download white paper from the website Bitcoin.org, and in any other way".The hearing was conducted remotely. The defendant was present at the meeting, but refused to make statements in order to preserve anonymity, in connection with which the court made a default decision.In 2019, Wright took over the copyright to the white paper and the Bitcoin source code. Later, the US Copyright Office clarified that it did not recognize him as the creator of Satoshi Nakamoto's digital Gold.Bitcoin SV appeared as a result of the hard fork of the Bitcoin Cash blockchain on November 15, 2018 and is supported by the nChain development team led by Australian entrepreneur Craig Wright and the owner of the CoinGeek portal Calvin Eyre.BSV is described by its creators as an attempt to return to the original bitcoin protocol, which is perceived by many community members with skepticism. The abbreviation SV stands for "Satoshi ...

Developments in the cryptocurrency sector without a proper approach to control can increase risks to the global banking system, according to the Bank for International Settlements (BIS), also known as the "Central Bank of Central Banks".The Basel Committee on Banking Supervision (BCBS) of the Bank for International Settlements said that banks should have sufficient reserves to fully cover losses from investments in cryptocurrencies.BCBS works with the Bank for International Settlements and is engaged in the creation of common regulatory standards. According to the BCBS press release, such risks are still limited for credit institutions, but they may threaten global financial stability in the future.The Committee presented the rules for "risk weighting" for banks with access to different types of assets. For conventional cryptocurrencies, including bitcoin, the risk factor will be 1250%.This means that any bank that owns bitcoin or other crypto assets will be required to have in stock the amount of fiat currency, 12.5 times the amount of its investment in digital assets.Tokenized assets and stablecoins will be subject to the same rules as bonds, loans, commodities, and stocks.The statement of the Basel Committee came after the government of El Salvador expressed its readiness to use bitcoin as a legal tender, despite the high volatility of the cryptocurrency market.Many participants in the cryptocurrency industry believe that the "Basel rules" will prevent the widespread adoption of crypto assets among institutional investors. The recent bitcoin rally was largely due to the investments of large ...

The US Internal Revenue Service (IRS) has requested an increase in funding to strengthen oversight in the crypto sphere.According to the head of the IRS Rettig, the agency needs the authority to track all transfers in cryptocurrency in the amount of 10 thousand dollars.The Tax Service expects an increase in the budget for 2022 to expand the capabilities of tax administration in the field of cryptocurrencies and the fight against cybercrime.The capitalization of the crypto market has increased to $ 2 trillion, while the cryptocurrencies themselves are arranged in such a way as to remain out of sight, Rettig noted.The IRS plans to create a complete internal dashboard of cryptocurrency blockchains.In addition, it is proposed to impose obligations on crypto brokers and crypto exchanges to disclose information about their customers. In the tax form 1040, there will be items related to cryptocurrencies, which will simplify tax control in this area.Under Rettig, the IRS launched activities to collect information about users of crypto exchanges that can evade taxes. In April, it became known that the agency is looking for a company that would provide it with tools for hacking hardware crypto wallets.In an earlier green paper, the Biden administration made it clear that efforts to tax cryptocurrencies are aimed at narrowing the so-called tax gap.According to IRS estimates, the US government's shortfall in taxes could recently increase to $ 1 trillion a year due to the emergence of new sources of income, including cryptocurrencies.Meanwhile, the commissioner of the US Securities and Exchange Commission (SEC), Hester Pierce, in an interview with the Financial Times, said that too strict regulation of cryptocurrencies can harm financial ...

The Chinese authorities in a new publication criticized cryptocurrencies and mining.The official news agency of the Chinese government, Xinhua, published an article titled "Urgently stop the hype and chaos around the virtual currency". It was a continuation of the statement of the State Council of the People's Republic of China, which on Friday called Bitcoin mining and trading financial risks.The article talks about four risks associated with trading and using cryptocurrencies: market, transactional, technological and legal."Cryptocurrencies carry the risks of large losses to investors and can affect the financial stability of the state and the order in society. It is necessary to stop the chaos in the virtual currency market", the Chinese authorities are confident.In their opinion, investors should not trade Bitcoin, and financial companies should not support such activities.Separately, the publication mentions mining and projects that mislead the authorities "in order to get support." The agency also warned organizations working with participants in the cryptocurrency industry about responsibility.According to Reuters, the mining activity of BTC.TOP and company HashCow (Bitcoin mining) have already suspended operations in China.Journalist Colin Wu noted that there is currently no specific information beyond the statement of the State Council. According to him, because of this uncertainty, any news or rumors "can cause volatility in the market."According to TRON founder Justin Sun, the bull market is not over yet, and July and August will mark the beginning of a new round of the bull market.China is strengthening its control over financial markets, acting from different sides, and these steps have an impact on the entire financial system. At the same time, China is taking new steps to restrict the mining of cryptocurrencies in the country and the possibility of paying with them. These steps  deal damage to the crypto ...