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Bitcoin price fails to hold $20K again, but there is a silver lining

BTC’s attempt to recapture $20,000 as support failed, but on-chain data reveals a handful of positives.

Markets briefly flashed green on Sept. 27 as equities markets bounced back from Sept. 26’s pullback, bringing thBitcoin (BTC) price back to the long-term descending trendline resistance, which currently resides at $20,100. 

Unfortunately for bulls, the positive momentum for stocks and cryptocurrencies rapidly eroded and Bitcoin price gave up a majority of the intraday gains as it slipped back below $19,000.

As has been the case since March 25, BTC price has been unable to kick above the resistance for more than a few hours and the Sept. 27 breakdown at the trendline continues the trend of successive bear flags that see a continuation to the downside.

BTC/USD 1-day chart. Source: TradingView

According to Arcane Research, Bitcoin’s tight rally above $20,000 is relatively insignificant, given that futures premiums are still low and it “contributes little to improving the market risk appetite.”

BTC perpetual contract funding rate versus Bitcoin price. Source: Arcane Research

Additional data from Arcane Research shows funding rates flipping neutral for the first time since Sept. 13, but generally, traders are reluctant to add longs, given theconcerns over macro challenges and the continuous threat of unfriendly crypto regulation.

There is a silver lining

As mentioned in previous analysis, despite the breakouts and breakdowns, BTC price is simply trading within the exact same $24,300 to $17,600 range of the past 103 days. To date, a catalyst to set off a breakdown below swing lows or to push price above resistance and confirm the former hurdle as support has yet to occur.

Fortunately, it’s not all doom and gloom for Bitcoin. A positive bit of news comes from on-chain analytics provider Glassnode, who noted that more mature investors have decided to hunker down and hold their positions rather than sell at the current price.

According to the Revived Supply 1+ Years metric, an indicator that tracks the “total amount of coins that come back into circulation after being untouched for at least 1 year,” the flow of latent supply shifting back into the active supply pool is “extremely low.”

Revived Supply 1 year+ Z Score. Source: glassnode

The compression in mature spending seen in the last stages of the 2018 bull market is not present during the most recent revisits below $20,000, suggesting that long-term holders are well accustomed to volatility and unwilling to sell at the current prices.

Revived Supply 1 year+ Z Score. Source: glassnode

Given that BTC is 72% down from its all-time high and a portion of investors expect prices to crumble toward $10,000 in the next unexpected capitulation event, one could interpret the lack of panic selling from mature investors as positive.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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FCA green lights Revolut, making no UK crypto firms operating under temporary status

Revolut had been the last “holdout” out of the 12 companies originally granted FCA temporary registration to continue offering crypto services in March.

The United Kingdom’s Financial Conduct Authority, or FCA, has added cryptocurrency-friendly payments app Revolut to its list of companies authorized to offer crypto products and services in the country.

In a Monday update to its list of registered crypto asset firms in the U.K., the FCA showed Revolut was in compliance with amended regulations from 2017 on “Money Laundering, Terrorist Financing and Transfer of Funds.” The fintech firm joined 37 other companies with the green light to offer crypto services in the country after being granted an extension to operate as a crypto asset firm with temporary registration in March.

Firms offering crypto-related products and services in the U.K. are permitted to operate following registration with the FCA, a rule in force since 2020. However, following a crackdown in the country on Anti-Money Laundering, or AML, and Combatting the Financing of Terrorism, or CFT, requirements, many companies, including Revolut, were granted temporary registration status, allowing them to operate while seemingly waiting for full compliance.

At the time of publication, there were no crypto asset firms still operating under the FCA’s temporary status. Revolut had been the last “holdout” out of the 12 companies originally granted temporary registration in March.

A Sept. 5 report from the Financial Times suggested the U.K. Financial Reporting Council found flaws in an audit of Revolut, which included an “unacceptably high” risk of “material misstatement.” As of July 31, Revolut was valued as a $33-billion fintech firm following an $800-million investment round.

Related: FCA highlights limited role as unregistered businesses continue to operate

There has been a major shakeup in the U.K. politically following Prime Minister Liz Truss replacing Boris Johnson and the subsequent death of Queen Elizabeth II. The government announced on Sept. 22 that lawmakers had introduced the Economic Crime and Corporate Transparency Bill — legislation aimed at empowering the country’s National Crime Agency to “seize, freeze and recover” crypto assets. However, Truss’ Economic Secretary Richard Fuller has also spoken of making the U.K. the “dominant global hub for crypto technologies.”

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Japan preparing amendment to enforce FATF travel rules on crypto by May 2023: Report

Meeting international Anti-Money Laundering standards is the latest in a series of measures Japan has taken in recent months to improve its cryptocurrency regulation.

Japan is expected to enact new rules on money transfers to prevent the use of crypto for money laundering, according to local news agency Nikkei. The changes will bring Japan up to date with Financial Action Task Force (FATF) recommendations.

An amendment to the Act on Prevention of Transfer of Criminal Proceeds will be introduced in the National Diet on Oct. 3 that will add crypto to the so-called travel rules on money transfer, Nikkei reported. The rules will be amended to require exchange operators to collect customer information in transactions involving cryptocurrency and stablecoins, as they already do for cash transactions.

The Foreign Exchange and Foreign Trade Act and the International Terrorist Asset-Freezing Act will be updated to reflect the same changes, which will go into effect in May 2023. The amendment foresees the issuance of “administrative guidance and corrective orders” to exchanges that break the new rules, with criminal penalties for violation of corrective orders.

Coming soon… FATF’s country assessment of Japan.#FollowTheMoney #StopMoneyLaundering #AML pic.twitter.com/0tvdWFOcyb

— FATF (@FATFNews) August 27, 2021

The amendment will incorporate into Japanese law recommendations the FATF introduced in 2019 and updated in 2021 for virtual asset service providers. The FATF is an intergovernmental money laundering and terrorist financing watchdog. The agency has had limited success with the adoption of its travel rule. According to a report released in April, hardly more than half of the countries surveyed by the FATF had adequate Combating the Financing of Terrorism (CFT) and Anti-Money Laundering (AML) laws and regulations.

Related: After four years, Japan brings back its first crypto ATM

Japan has taken important steps to regulate crypto in recent months. The parliament passed a law to limit the issuance of stablecoins by non-bank institutions in June. In July, the Ministry of Economy, Trade and Industry opened a Web3 Policy Office to foster the Web3 business environment. In addition, there are reports that the Financial Services Agency, the Japanese tax authority, is considering easing the punishing capital gains rates on crypto assets after extensive outcry within the industry.

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Columbus Ghost Tours published a new book “Haunted Cemeteries of Ohio”

Throughout Ohio, chilling tales abound of places where the dead do not rest in their peaceful beds. At a field east of Cleveland, a ghost once led a unsuspecting man to the hidden grave of a missing farm worker.

The strains of a long dead violinist’s instrument continue to echo across the hillside at a cemetery outside Cincinnati. Near Columbus, a small country graveyard is haunted by the spirit of a young girl with an ancestral connection to a dark chapter of America’s past.

Join writer and ghost tour guide, E.R. Cutright as he shares these tales and more on a journey into the “Haunted Cemeteries of Ohio”.

E.R. Cutright is founder and co-owner of Columbus Ghost Tours in Columbus, Ohio. Since 2012 he has been using the art of storytelling to share tales of history, mystery and legend on the local, regional and international stage.

This is his first book, although his writings have appeared in a number of on-line publications. He lives in an electrified suit of spongy cells, viscous fluids and calcified sticks. There are rumors that it is haunted.

The link to purchase and book are here: www.arcadiapublishing.com/Products/9781467151320
and in the domestic United States here: columbusghosttours.com/merchandise/ols/products/haunted-cemeteries-of-ohio

The post Columbus Ghost Tours published a new book “Haunted Cemeteries of Ohio” appeared first on Anomalien.com.

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Crypto-focused MPC developer raises $40M

Multi-party computation, or MPC, is a subset of cryptography that distributes computation across multiple parties.

Multi-party computation (MPC) developer MPCH Labs has concluded a Series A funding round totaling $40 million ahead of the planned launch of its Fraction digital asset operating platform later this year. 

The funding round was led by Liberty City Ventures, the same venture studio that incubated MPCH Labs, with additional participation from QCP Capital, Global Coin Research, Polygon Studios, Quantstamp, LedgerPrime, Animoca and others. To date, MPCH Labs has raised $50 million in venture financing.

The funding will be used to further develop MPCH Labs’ first product, Fraction, an operating platform that enables institutions to securely safeguard their digital assets. Fraction utilizes MPCH Labs’ MPC6 engine, which enables multiple parties to compute in the same wallet without compromising their data. According to its developers, MPC6 engine will create a “user-centric toolkit” for both crypto-native and traditional institutions.

According to Cat Le-Huy, MPCH Labs’ chief product officer and co-founder, Fraction was designed to enable wider crypto adoption and will be launched sometime in the fourth quarter of 2022.

“Use of MPC (beyond crypto or even within crypto) is to use MPC for process management,” MPCH Labs CEO Miles Parry told Cointelegraph in a written statement. “The policy engine for MPC6 can be used for any purpose where it makes sense to cryptographically bind multi-faceted and multilayered approval processes.”

The fight for privacy continues, and Web3 gives people the opportunity to take their power back. https://t.co/9PookGP9KN

— Cointelegraph (@Cointelegraph) April 25, 2022

As reported by Cointelegraph, organizations from across the crypto ecosystem have looked to MPC as a means to advance Web3, a broad concept that refers to some future iteration of the internet. Specifically, MPC is being used to build private key security and decentralization within Web3 systems as a way to boost privacy and confidentiality.

Related: Crypto Biz: DID you see what Africa is doing with Web3?

On the topic of venture capital, the crypto bear market has taken the wind out of startup raises in recent months. The blockchain industry generated $1.36 billion worth of venture funding in August, the fourth consecutive monthly decline and the lowest level in a year, according to Cointelegraph Research.

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The British pound collapse and its impact on cryptocurrency: Watch the Market Report

On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss the fall of the British pound and its impact on the cryptocurrency market.

On this week’s The Market Report show, Cointelegraph’s resident experts discuss why the British pound is at its all-time low and how that might impact the cryptocurrency market.

To kick things off, we break down the latest news in the markets this week:

Bitcoin gains 5% to reclaim $20K, eyes first ‘green’ September since 2016

A classic snap of sideways trading action sees Bitcoin’s (BTC) price aim higher, but concerns remain over what happens next. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it added over 7% after the Sept. 26 close. Local highs of $20,344 appeared on Bitstamp before the pair began consolidating at around $20,200. Can Bitcoin achieve a green monthly close, and will the bulls be able to beat “Septembear?”

Is it Bitcoin’s time to shine? British pound drops to all-time low against the dollar

On Sept. 26, the British pound hit a record low against the United States dollar following the announcement of tax cuts and further debt increases to curb the impact of a possible economic recession. But could the British pound’s weakness be a positive for Bitcoin? Is it possible for the general population to move to cryptocurrencies once it realizes that people’s savings and investments are being devalued more aggressively?

Charles Hoskinson and Ethereum dev get into a war of words post-Vasil upgrade

Charles Hoskinson, founder of Cardano and co-founder of Ethereum, got into a war of words with Ethereum developers on the implementation of the proof-of-stake consensus via the Ethereum Merge. Hoskinson is known for his hot takes on his former project, and the bad blood between the two communities is nothing new. However, with both blockchains undergoing key upgrades on their networks, the recent exchange between the two sides highlights the disconnect between blockchain communities.

Next up is a segment called “Quick Crypto Tips,” which aims to give newcomers to the crypto industry quick and easy tips to get the most out of their experience. This week’s tip: Choosing a long-term coin.

Market expert Marcel Pechman then carefully examines the Bitcoin and Ether (ETH) markets. Are the current market conditions bullish or bearish? What is the outlook for the next few months? Pechman is here to break it down. The experts also go over some market news to bring you up to date on the latest regarding the top two cryptocurrencies.

Lastly, we’ve got insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Our analysts use Cointelegraph Markets Pro to identify two altcoins that stood out this week: XRP and Digg.

Do you have a question about a coin or topic not covered here? Don’t worry. Join the YouTube chat room and write your questions there. The person with the most interesting comment or question will be given a one-month subscription to Markets Pro, worth $100.

The Market Report streams live every Tuesday at 12:00 pm ET (4:00 pm UTC), so be sure to head on over to Cointelegraph’s YouTube page and smash those Like and Subscribe buttons for all our future videos and updates.

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Bitcoin price loses $20K as trader warns US dollar ‘not quite topped out’

Bitcoin fails to avoid returning back under $20,000 after local highs prove too much to sustain.

Bitcoin (BTC) crossed under $20,000 after the Sept. 27 Wall Street open as United States equities inched higher.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

U.S. dollar has room to run — trader

Data from Cointelegraph Markets Pro and TradingView confirmed the $20,000 mark barely remaining as tentative support on the day.

BTC/USD had managed local highs of $20,344 on Bitstamp overnight, while retracing U.S. dollar strength gave modest relief to risk assets across the board.

The S&P 500 and Nasdaq Composite Index had been up 0.4% and 0.65%, respectively, after two hours’ trading, but subsequently reversed.

At the same time, the U.S. dollar index (DXY) was down 0.15% on the day, back below the 114 mark but still near its highest since mid-2002.

“U.S. open coming up. Green numbers, while Yields & $DXY are correcting,” Michaël van de Poppe, founder and CEO of trading firm Eight, commented.

“Time for Q4 to be good for crypto.”

Popular trader Crypto Tony nonetheless cautioned on assuming that DXY had put in a major top.

“Bad news for the Bitcoin pump, the Dollar has not quite topped out yet, so we are looking for more pumps on the dollar and setbacks on $BTC,” he decided.

“Keep an eye on both of these if you plan on leveraging BTC.”U.S. dollar index (DXY) 1-day candle chart. Source: TradingView

Binance BTC/USDT volume hits all-time high

With days to go before the monthly close, further BTC price volatility was expected, while traders demanded that October — traditionally a better month than September for crypto return — deliver the goods in 2022.

Related: More ancient Bitcoin leaves its wallet after 10-year hibernation

“Tracking price action over the past decade, Sept. has far and away been the worst performing month for BTC — closing positive only 20% of the time,” popular trading account Crypto Kaleo observed in a thread on Sept. 26.

“Silver lining — Oct. has been one of the best months for BTC — positive 78% of the time w/ a median gain of 28%.”

A close above $20,000 would be just enough for Bitcoin’s first “green” September since 2016.

BTC/USD monthly returns chart (screenshot). Source: Coinglass

In a sign of what the monthly close might have in store, meanwhile, major exchange Binance recorded its highest-ever daily trading volume for its BTC/USDT pair, with over 439,000 BTC equivalent changing hands.

BTC/USDT 1-day candle chart (Binance) with volume. Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Brett Harrison will step down as FTX US president, move into advisory role

The soon-to-be former president said he would continue to assist CEO and founder Sam Bankman-Fried “to ensure FTX ends the year with all its characteristic momentum.”

The president of cryptocurrency exchange FTX US, Brett Harrison, has announced he will be transitioning into an advisory role in the next few months.

In a Sept. 27 announcement on Twitter, Harrison said he will be resigning his position as FTX US president but will remain with the exchange “with the goal of removing technological barriers to full participation in and maturation of global crypto markets, both centralized and decentralized.” Harrison had worked as FTX US president since May 2021 following a job at Citadel Securities.

“I can’t wait to share more about what I’m doing next,” said Harrison. “Until then, I’ll be assisting Sam [Bankman-Fried] and the team with this transition to ensure FTX ends the year with all its characteristic momentum.”

1/ An announcement: I’m stepping down as President of @FTX_Official. Over the next few months I’ll be transferring my responsibilities and moving into an advisory role at the company.

— Brett Harrison (@BrettHarrison88) September 27, 2022

Related: Regulators have a weak case against FTX on deposit insurance

Harrison’s announcement was the latest high-profile resignation in the crypto space. Alex Mashinsky said on Tuesday he would be leaving his position as Celsius CEO effective immediately, citing the “difficult financial circumstances” users were facing. On Sept. 21, Kraken’s Jesse Powell announced chief operating officer Dave Ripley will be replacing him as CEO once Ripley’s position was filled. Powell will stay on with the exchange as a board member. Michael Saylor announced in August that he will step down as the chief executive officer of business intelligence firm MicroStrategy, but remain as executive chair.

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Microsoft, Avalanche, Polygon join $20M funding of Web3 automation startup

Web3 data firm Space and Time is also supported by blockchain oracle firm Chainlink through its startup program.

Web3 and tech companies participated in a funding round for a data platform called Space and Time that aims to transform central databases into trustless data sources powered by smart contracts. 

In an announcement sent to Cointelegraph, Space and Time mentioned that they’ve raised $20 million in strategic funding from investors like Microsoft’s M12 fund, the venture capital arm of Microsoft, Avalanche and Polygon. In addition to these, investors also included Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Stratos, Hash CIB, Coin DCX and other Web3 communities and angel investors.

Nate Holiday, the co-founder and CEO of Space and Time, expressed his excitement to have the support of Microsoft’s venture capital fund. He explained that their firm is at the intersection of on-chain and off-chain data computation. According to Holiday, they will be working with their partners to build a data ecosystem for decentralized applications (DApps) and enterprises.

On the other hand, Michelle Gonzalez, an executive at M12, also expressed that M12 is looking forward to seeing the results and how centralized systems can be automated and connected to smart contracts.

Apart from the funding, Space and Time has also partnered with blockchain oracle firm Chainlink and is a part of its “Startup with Chainlink” program. Sergey Nazarov, the co-founder of Chainlink, said that their firm will continue to support Space and Time in their quest to build a decentralized data warehouse.

Related: Crypto investment product firm 21.co raises $25M to reach $2B valuation

Meanwhile, even though the markets are down, Web3 projects are raking in millions in investments. On Sept. 13, Doodles, a nonfungible token (NFT) collection, announced that it raised $54 million in funding, pushing its valuation to $704 million.

Earlier this month, the creators of the Sui blockchain, announced that they raised $300 million that will be used to expedite the blockchain’s adoption and build its infrastructure. Mysten Labs, a firm founded by former Meta employees, said that they’ve raised the funds through a funding round led by FTX ventures.

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Bitcoin, British Pound trading volume soars 1150% as UK’s currency risks dollar parity

Doom and gloom for some British pound investors is neatly avoided with a Bitcoin flight.

Bitcoin (BTC) will see increased interest from the United Kingdom “very quickly” as fiat currency volatility makes BTC look like a stablecoin.

That was the conclusion from Gabor Gurbacs, strategy adviser at investment giant VanEck, one of many flagging Bitcoin’s appeal over the pound this week.

UK becomes fertile ground for Bitcoin “orange pill”

As the U.S. dollar runs rampant, its strength has come at the expense of trading partner currencies, notably the euro, pound and Japanese yen.

The pound’s disintegration gathered pace this week, however, as GBP/USD hit its lowest on record at nearly $1.03.

With the United Kingdom’s central bank, the Bank of England, avoiding interventions so far, nerves are showing as purchasing power takes a double hit from currency weakness and inflation at forty-year highs.

“The United Kingdom will get orange-pilled very quickly given GBP volatility,” Gurbacs predicted.

“Given that the UK is now outside of the EU bureaucratic apparatus, it will get another chance to become a Bitcoin hub. I think UK leaders will use this opportunity reasonably well.”

The pound was down nearly 25% year-to-date at one point in USD terms. While Bitcoin beats it at 56%, data from Cointelegraph Markets Pro and TradingView shows, the longer the time horizon, the more attractive a BTC hedge becomes.

“Over the past four years the dollar has collapsed -67% gains USD,” Michael Saylor, former CEO of MicroStrategy, noted in his own assessment of fiat currency losses on Sept. 26.

BTC/USD vs. GBP/USD chart. Source: TradingView

According to data from CoinShares head of research James Butterfill, trade volume for the GBP/BTC pair on major exchanges Bitstamp and Bitfinex, normally worth a combined $70 million per day, hit a giant $881 million on Sept. 26 — an increase of over 1,150%.

Butterfill argued that this showed that “when a FIAT currency is threatened, investors start to favour Bitcoin.”

Reacting, Saifedean Ammous, author of the popular book, “The Bitcoin Standard,” called the phenomenon “fascinating.”

GBP/USD trade volume on Bitstamp, Bitfinex chart. Source: James Butterfill/ Twitter

G20 is “starting to understand” the need for a BTC hedge

Gurbacs, meanwhile, acknowledged that while he “might be too optimistic about the UK,” G20 countries could yet enact a major policy shift vis-a-vis BTC acceptance.

Related: Bitcoin gains 5% to reclaim $20K, eyes first ‘green’ September since 2016

“Like gold, Bitcoin could be a hedge against their own policies. Which is worth a small % allocation and support,” he continued.

“Some are starting to understand this.”

Beyond the pound, data shows that it is the major fiat currencies that are suffering more at the hands of a surging greenback than those of emerging markets (EMs).

“The tables have turned,” Robin Brooks, chief economist at the Institute of International Finance, declared this week.

“Emerging markets like Brazil and Mexico are year-to-date outperforming G10 currencies against the Dollar. This is a big pivot in global markets that’s unprecedented. EM monetary policy is these days more orthodox than in advanced economies. Well done EM…”

An accompanying chart from Bloomberg showed the Brazilian real and Mexican peso gaining even on the dollar in 2022.

The pound brought up the rear along with the yen, while the Russian ruble was notably absent, having hit its highest in USD since 2015.

Fiat currency returns vs. U.S. dollar as of Sept. 26. Source: Robin Brooks/ Twitter

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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