It has been a very busy week in terms of the emergence of new technologies, products and alliances for the development of the crypto world, which after starting the previous week with a strong upward movement, fell again at the end of the week, eliminating the hope of those investors who visualized a bullish panorama during the next days. Are you afraid that another huge crash could be generated?
Cryptocurrencies closed the week with negative numbers, after investors lost confidence in high-risk assets in the wake of last Friday’s US jobs report. It seems that days are coming with quite abrupt movements, and the fact is that the economic situation is not improving, and soon we will have inflation data that will undoubtedly be key to the short-term development of this market.
In addition, it should be noted that the United Nations (UN) has warned about a possible global recession, driven by the position of most of the central banks in the world in the face of high levels of inflation.
On the other hand, despite what has already been mentioned, the cryptocurrency analysis platform Santiment reported that the Bitcoin (BTC) whales began to make strong movements, acquiring BTC massively in recent days. Sentiment says that over the past couple of weeks, Bitcoin whales have added Bitcoin worth more than $931 million. What is dominating now? Optimism or fear?
Within the most relevant news of the week, we can highlight that last Monday the Securities and Exchange Commission (SEC) announced that charges were filed against the celebrity, Kim Kardashian, after promoting a cryptocurrency in its social networks.
All of this stems from an Instagram post from June 13, 2021, in which she is promoting the Ethereum Max cryptocurrency. The SEC accused Kardashian of failing to disclose that she was paid $250,000 to post, for which she agreed to pay a $1.26 million fine to the regulator, in addition to cooperating with the ongoing investigation.
It is worth mentioning that the tokens lost 70% of their value a week after the post was made, for which he was accused of inflating the cryptocurrency in a Ponzi-like scheme.
SEC Chairman Gary Gensler tweeted that “any celebrity or influencer’s incentives are not necessarily aligned with yours.” He said the investing public should not confuse the skills of celebrities “with the very different skills required to offer sound investment advice.” Wow, he’s right, be careful!
In other news, Mastercard unveiled a new software tool on Tuesday that aims to help banks and financial institutions find and prevent fraud on cryptocurrency trading platforms.
This tool, called Crypto Secure, uses sophisticated artificial intelligence algorithms to determine the risk of crime associated with cryptocurrency exchanges on the Mastercard payment network. The system is based on data from the blockchain, a public record of crypto asset transactions, as well as other sources.
The service is powered by CipherTrace, a Menlo Park, California-based blockchain security startup that Mastercard acquired last year. CipherTrace helps businesses and government agencies investigate illicit transactions involving cryptocurrencies. The emergence of this type of product is truly essential, which protects the investor against any type of fraud or risk situation, and what better way is it to be carried out by a large company such as Mastercard.
Now we go with another new project that has been revealed this week, and that is that it is now possible for users to acquire and exchange P2P cryptocurrencies through the Telegram platform.
The developers behind @Wallet Bot, which allows Telegram users to buy cryptocurrencies with a bank card, exchange them and transfer them to other wallets, have launched a P2P cryptocurrency exchange, that is, user-to-user commerce.
The Wallet Bot was launched in April, with the purpose of allowing Telegram users to acquire Toncoin (TON) and send it through chat messages. However, thanks to its latest update, users will be able to sell cryptocurrencies among themselves through the Telegram application. It should be noted that in case of disagreement between the buyer and the seller, the service will carry out a dispute resolution process.
The service offers “anonymous P2P bidding,” however, users must share their mobile phone number with the bot to deposit, trade, or buy crypto assets. In addition, those who wish to sell cryptocurrencies will have to pay a 0.9% commission, while buyers will not have to pay any fees, according to a statement from the developers of the @wallet bot.
To sell tokens, users post notices on the app and buyers can select the one they see fit; they can use USD, EUR, among other fiat currencies to buy.
No podíamos terminar sin un poco de polémica, y es que el pasado miércoles, el medio de comunicación surcoreano News1 informó que los fiscales de su país habían congelado un valor cercano a los $39.6 millones de dólares en activos de criptomonedas de Do Kwon, personaje que ya recordaremos. El mes pasado, según los informes, las autoridades locales pidieron a OKX y KuCoin que congelaran estos activos.
Kwon, en su defensa, mencionó que no utiliza dichos exchanges, además de afirmar que intentaría recuperar sus activos si las autoridades los congelaban. El personaje por si fuera poco, tiró con todo a las políticas de Corea del Sur y acusó al gobierno de convertir a las instituciones estatales en armas “contra su propio pueblo”.
Bitcoin is just below $19,300, near a very interesting support zone, which has already been broken several times in previous days. However, the most interesting thing here is how it has managed to break that descending trend line, which was generated since November 2021. However, it could be a false breach, since we could continue with downward movements until the area of $17,100 . On the other hand, if there is a bullish movement, we can see a next resistance level above $22,800.
BTC/USDT 1D (TradingView Chart).
For its part, Ethereum is trading close to $1,300, and as has been customary in recent weeks, it looks better than Bitcoin, since it is above a quite interesting support zone, and a next resistance up to $1,770. In the event of a sharp drop, we have next support at $1,000.
ETH/USDT 1D (TradingView Chart).
What we have been observing this year continues, a rather deteriorated economic environment that leaves many doubts and uncertainties, while on the other hand, large companies continue to develop projects that favor the massive adoption of the crypto ecosystem. Without further ado, we wish you an amazing week.
