This week has been consolidating the recent trend in price action, indicators and analysts pointing to a reversal of the crypto market to a more bullish trend. The strong $4000 resistance has been crossed with higher transaction volumes, though the volumes are now losing strength while in the $4000-4100 range. The number of active bitcoin addresses is also rising again after a year of decline, which may be a sign of popularity. For the moment, Bitcoin is a sidetracks market and altcoins are waiting for a bitcoin price movement. Polls indicate that most traders are keeping a majority of bitcoin and a few altcoins in their portfolio.
While Coinbase Pro increased its fees and disabled stop market orders, Tether just claimed their USDT were backed by reserves, not just cash, and Ethereaum was confirmed as not being a security by the US regulator.
In the field of scams and investigations, the founder of hacked bitcoin exchange Mt.Gox, Mark Karpeles, was sentenced in Japan to over two year of jail. In Canada, the police cybercrime team asked the public to assist in the identification of four Bitcoin ATM fraudsters. To fight scams and money laundering, an OTC desk backed by Binance partnered with online risk management platform IdentityMind to develop an AML Compliance tool to monitor transactions.
To promote the application of blockchain technology, Oman created a blockchain platform, incubator and sandbox. In the field of finance, HSBC wants to launch a blockchain platform that enables companies to process and settle their trading invoices via blockchain.
CSI’s weekly newsletter tackles events and trends in the crypto and blockchain sectors, with a special focus on the Middle-East and Blockchain investigations.
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