Bitcoin Crypto Signals

2022-06-07 16:54:02 Fed Governor Says Public Will Demand Crypto Regulation As ‘Intolerable’ Losses Mount

In a new speech at the SNB-CIF Conference on Cryptoassets and Financial Innovation in Switzerland, Fed Governor Christopher Waller says that regulations for digital assets will ultimately be demanded by investors as they continue to suffer heavy losses.

According to Wallace, new and innovative financial technology will often be regulated at the request of the public when negative industry-wide events happen that cause unavoidable losses to the average investor. He says regulation of the sector wouldn’t be to protect the rich, but society in general. This leads us to the main reason, in my view, that society wants to regulate new and poorly understood markets for financial products.

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2022-06-06 13:25:02 STEPN new Anti-Cheat is flagging users as bots

A new update has been released for the popular move-to-earn application, STEPN, that adds a complex ANTI-CHEAT mechanism to the game. The game, which recently announced it would remove GPS support in China, had to be taken into maintenance for several hours to implement the change.

The primary issue with most play-to-earn is whether the economy is sustainable as user numbers increase. Reducing the number of fraudulent users will be a part of its efforts to secure a lasting economy within the game. Users earn tokens such as GST by walking, jogging, or running while using the application. The game is unlikely to succeed if players can generate an inflated number of tokens through bots and GPS spoofing. Limits are put on the number of tokens earned within a certain period.

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2022-06-05 10:43:02 Cryptocurrency Tax in India for Certain Transactions Likely To Be Exempted

The Indian government’s Ministry of Finance will likely announce the crypto tax in June. Hospitals that employ Blockchain technology and also earned points on digital bank cards or flight miles may be exempted from this rule. Cryptocurrency transactions are taxed at 30 percent under the Finance Act, 2022, and 1 percent TDS was added to transfers of digital assets.

The government will release a consultation document on digital currency in the near future. There may be a delay in putting the legal and regulatory framework in place. According to Economic Affairs Secretary Ajay Seth, financial institutions, including the World Bank and the International Monetary Fund, have been consulted. The consultation document is nearly finished, the bureaucrat said. Seth has been mum about the timing, but the sources say it may be brought to the floor in August of this year.

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2022-06-04 20:30:49 Argentines turn to Bitcoin amid growing inflation

Banks have begun to succumb to the public’s outcry for crypto services as concerns over inflation continue to rise. Two Argentine banks, in particular, have taken the bold step and are set to start offering crypto services in collaboration with Lirium.

Currently, the weekly local Bitcoin volume in Argentina is $18.6 million, nowhere near its peak. There is a glimmer of hope however as the country’s P2P trading volume has never been really stable.According to an estimate, the crypto adoption in Argentina is projected to grow by 235% within the next year, and judging by the fact that authorities are still taxing crypto; a regulatory framework is likely to be underway.Argentina isn’t the only country experiencing inflation issues.

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2022-06-03 18:03:02 MoneyGram to open transfer platform with Stellar, eyes wallet deal in El Salvador

MoneyGram International, one of the world’s largest cross-border transfer services, is partnering with the Stellar blockchain to create a stablecoin-based platform for money transfers. The new service will allow Stellar wallet users to send Circle’s USD Coin (USDC) to recipients, who will be able to cash them out for fiat currency through the MoneyGram network.

“We’re trying to be a bridge from the crypto world to the fiat world,” MoneyGram CEO Alex Holmes said in an interview. Holmes also said MoneyGram is in talks with third-party companies that provide digital wallets in El Salvador alongside the government-backed Chivo wallets, which were introduced when the country made Bitcoin (BTC) legal tender last year. Through a deal with one of those companies, MoneyGram would be able to compete for BTC transfers as well.

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2022-06-02 11:17:02 Bitcoin (BTC) Briefly Moves Above $32,000 After Crucial Bullish Divergences

After breaking out from a short-term consolidation pattern, bitcoin (BTC) reached a high of $32,222, its highest price since May 10.BTC has been moving upwards since reaching a low of $26,700 on May 12. So far, the increase has led to a high of $32,222 on May 30.

The upward movement was preceded by a bullish divergence in the daily RSI (green line). Additionally, the RSI broke out from a bearish trendline (dashed) prior to this increase. More importantly, the price has now reclaimed the $30,500 horizontal area. The area had been acting as support since May 2021, prior to the May 2022 breakdown. If it manages to validate it as support, it would mean that the supposed breakdown was only a deviation.

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2022-06-01 19:03:02 Binance gets approval to operate in Italy, will open office in Milan

The cryptocurrency exchange's Italian branch will become its second European operation after obtaining a license in France.One of the world’s biggest cryptocurrency exchanges, Binance, strengthened its European presence by obtaining registration and regulatory approval in Italy. A Binance company had previously registered to operate in France at the beginning of May.

The registration allows Binance to offer crypto products to its customers in Italy in compliance with local regulations as well as to open offices and expand the local team. In his statement, Binance co-founder and CEO Changpeng “CZ” Zhao thanked Italy’s Ministry of Economy and Finance and the OAM for their efforts in “defining and controlling the necessary requirements to operate in Italy in full transparency.”

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2022-06-01 09:37:10 Insights and Breaking News on Bitcoin and the whole ecosystem.

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