BITCOIN INTELLIGENCE REPORT
Hey, Alkalites! How's it going?
How is the technical situation looking this week?
We have stayed during the lasts two sessions in a panic mode, which led to a period of consolidation. Most coins are down -50% from their YTD high and the absence of bullish momentum has dissuaded market participants from trying to catch the falling knife. Although it is not guaranteed, a breakout could restore momentum and catch a long-overdue relief. Whether that will be enough to break out of the current 30K -
42K macro range is unclear.
Glassnode reported that the bitcoin reserves of centralized exchanges have continued to fall with an average of 11B withdrawn from exchanges each month, despite bitcoin price falling below the $30,000 support level for the first time in four weeks. Also, some metrics indicate that the number of entities involved with crypto has started to increase at a vertiginous rate.
What about the fundamentals?
We have got some updates on cryptocurrency regulations this week. Entities and governments are continuously pursuing the anonymity of crypto by issuing new requirements for exchanges and market participants.
Europe has just claimed that they are looking to ban anonymous crypto wallets by 2024. Per the document, the EC proposed to oblige companies that facilitate transfers of bitcoin and other cryptos to collect various personal data of senders and recipients. According to the proposal, companies that process crypto transactions will have to record their customers' names, addresses, dates of birth, accounts numbers, and recipients' names. Any changes are subject to deliberation in the European Parliament and will likely take years to go into effect. (Source: Decrypt)
We credit Kraken Intelligence and Decrypt sources for providing some metrics and information.
How is the technical situation looking this week?
We have stayed during the lasts two sessions in a panic mode, which led to a period of consolidation. Most coins are down -50% from their YTD high and the absence of bullish momentum has dissuaded market participants from trying to catch the falling knife. Although it is not guaranteed, a breakout could restore momentum and catch a long-overdue relief. Whether that will be enough to break out of the current 30K -
42K macro range is unclear.Glassnode reported that the bitcoin reserves of centralized exchanges have continued to fall with an average of 11B withdrawn from exchanges each month, despite bitcoin price falling below the $30,000 support level for the first time in four weeks. Also, some metrics indicate that the number of entities involved with crypto has started to increase at a vertiginous rate.
What about the fundamentals?
We have got some updates on cryptocurrency regulations this week. Entities and governments are continuously pursuing the anonymity of crypto by issuing new requirements for exchanges and market participants.
Europe has just claimed that they are looking to ban anonymous crypto wallets by 2024. Per the document, the EC proposed to oblige companies that facilitate transfers of bitcoin and other cryptos to collect various personal data of senders and recipients. According to the proposal, companies that process crypto transactions will have to record their customers' names, addresses, dates of birth, accounts numbers, and recipients' names. Any changes are subject to deliberation in the European Parliament and will likely take years to go into effect. (Source: Decrypt)
We credit Kraken Intelligence and Decrypt sources for providing some metrics and information.
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