Russian Market

2022-04-21 12:01:02 Will the S&P500 continue its rally?

The price action on the S&P500 is quite encouraging and bullish so far this week. The fact the index held steady yesterday despite a heavy FANG member collapsing nearly 35% should make bears a bit nervous. And while everybody is blathering on about future uncertainty, the fear index is actually falling, now back near the 20 levels.

Strong earnings and positive inputs from companies on the health of the economy are helping the index to hold up. Technicals indicate a resistance line at yesterday's high (4,480), should the price move above that level, bulls could take the index another leg higher.

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t.me/therussianmarket Open / Comment

2022-04-21 11:30:14 Market Overview

BTC  price trades above $41K

The Top-10 are traded in different directions:
DOT +3.5%
ADA +0.73%
XRP -1.93%

Market cap: $2.03T (+1.05%)
BTC dominance: 38.89% (-1.02%)
Fear & Greed Index: 27 (Fear) Open / Comment

2022-04-20 22:58:17 US Secret Service seizes over $102 million

Over the past seven years, the US Secret Service has confiscated more than $102 million in digital assets from criminals in 254 fraud investigations.

The main tasks of the federal agency are the prevention of dollar counterfeiting, the protection of presidents and high-ranking officials, as well as financial and cybercrime investigations.

"When you follow a digital currency wallet, it’s not different than an email address that has some correlating identifiers. And once a person and another person make a transaction, and that gets into the blockchain, we have the ability to follow that address," said David Smith, assistant director of investigations.

One of the cases concerns a scam targeting 900 US citizens. The scheme involved posting false ads on popular online auctions and sales websites for luxury items. After the payment, the attackers disappeared, and the money received was laundered through crypto.

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2022-04-20 16:26:37 Russian tax authority proposes using crypto as a foreign trade payment tool

Russia's Federal Tax Service (FTS) proposed allowing legal entities to use digital currencies as a payment method for international transactions. The FTS believes that this will help diversify the payment options available to Russian companies engaged in international trade amid severe financial sanctions.

The fiscal agency made its proposal to the remarks on the draft of the crypto bill prepared by the Ministry of Finance. The ministry "partially supported" the proposition, adding that it needs further consideration and discussion.

The Bank of Russia and the Ministry of Finance oppose the recognition of crypto as a means of payment. However, the FTS proposed to introduce a clause, according to which the ban on using crypto as a payment method is in effect "unless otherwise provided by law." Referring to this, the FTS proposed to make an exception for business.

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2022-04-20 15:39:55 EUR remains pressured, but encouraging signs surface

The EUR/USD gained post German inflation data (PPI) and ahead of the key debate of the French election. Traders are increasing bets that the European Central Bank could raise interest rates sooner than currently priced in by the market. German PPI jumped to 30.9% YoY in March, boosted by a surge in energy prices.

Looking ahead, the market will focus on the French election and any sense that Le Pen is gaining in popularity could drag the euro lower. On the technical picture, buyers would need to retake (and hold) the resistance at 1.0840. Meanwhile, support can be seen at 1.0760.

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2022-04-20 13:04:09 IMF deal 'dead' and so is BTC bond issuance, claims former El Salvador central bank governor

Former Salvadoran central bank governor Carlos Acevedo claims that negotiations with the International Monetary Fund (IMF) are "practically dead" and investors are "not interested" in the delayed BTC bond issuance president Nayib Bukele wants to use to pay for his Bitcoin City project.

Prior to the adoption of BTC as legal tender in September last year, El Salvador almost agreed with the IMF on a possible $1.3 billion loan deal, but Bukele’s crypto policy thwarted everything, according to Acevedo.

He also stated that the issuance of the so-called "volcano bonds" (named for the fact that the city is to be built at the foot of a volcano that is being used to mine BTC) was "another issue that is complicating matters for the president."

Acevedo claims that the bond issuance has been delayed mainly due to lack of interest, although the government claims otherwise.

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2022-04-20 11:54:23 Robinhood to acquire crypto platform Ziglu

Online brokerage platform Robinhood announced that it had signed a deal to acquire London-based crypto platform Ziglu.

No financial terms were disclosed for the deal announced Tuesday, which is subject to regulatory approvals and other customary closing conditions.

"With Ziglu, UK-based customers can buy and sell eleven cryptocurrencies, earn yield via its 'Boost' products, pay using a debit card, and move and spend money, even abroad, without fees," Robinhood said in a blogpost.

Ziglu won approval to offer crypto services in the UK by financial watchdog the Financial Conduct Authority in 2020, the third firm to gain such approval.

In the near term, nothing will change for current Ziglu customers. Longer term, we’ll integrate Ziglu more fully into Robinhood, bring the Robinhood brand overseas, and work to expand operations beyond the UK into Europe, according to Vlad Tenev, CEO of Robinhood.

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2022-04-20 10:04:22 Market Overview

BTC price trades above $41K

The Top-10 are traded in green zone:
LUNA +6.3%
SOL +5.9%
AVAX +2.9%

Market cap: $2.03T (+2.21%)
BTC dominance: 38.77% (-0.58%)
Fear & Greed Index: 27 (Fear) Open / Comment

2022-04-19 20:37:42 Yen’s weakness continues

The USD/JPY pair has now risen on 13 consecutive sessions, the longest since the 1970s. The ADX, a measure of trend strength, is now at its highest level since 1974.

The reasons behind the weak performance are considered to be a slowdown in global growth, which reduces the appeal of the yen, as well as higher US yields, which strengthens the US dollar.

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2022-04-19 18:43:21 Crypto businesses protest against EU policies

On April 13, more than 40 crypto companies sent a letter to 27 finance ministers in the European Union to ask that the regulations do not exceed those that have already been enforced by the FATF.

In a letter to the EU Parliament, industry members have asked the bloc not to mandate disclosures over all crypto transactions, and ease regulatory pressure on smaller crypto actors.

The letter was organized by the head of CoinShares, Jean-Marie Mognetti, and the CSO of DeFi Technologies, Diana Biggs.

Mognetti believes that EU rules for regulating digital assets are harder than in other countries, and this dampens the decentralised finance platform’s rapid growth and prevents crypto businesses from expanding in Europe.

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