Test of patience with BTC

26.07.2022 – Just now, cryptos seemed to be recovering so nicely. But then there were two neck blows. Bitcoin, Ether and co. just can’t get out of the vale of tears. Not yet or not ever? We shed light on the background.

The 50-day moving average currently presents itself as an almost insurmountable hurdle for Bitcoin in the daily chart. While the major indices on the stock market have already easily jumped above it again, BTC is struggling. It had looked so good in the past few days and a gap still beckons. But recently it went down again. And at just under $19,000, there is a support level that had better not fall. Perhaps BTC will soon follow Ether: its little brother has already made the leap above the 50 mark.

 

 

Source: Bernstein Bank GmbH

What happened. A new indication just hit the market that the government wants to put a stop to cryptos.

SEC vs. Coinbase
Specifically: according to insider information and a report from Bloomberg, the US Securities and Exchange Commission (SEC) wants to open an investigation against the largest crypto exchange Coinbase. The accusation: the sale of assets that are not registered. There is a certain irony to this, as the entire industry has repeatedly asked the SEC what exactly constitutes securities that should be registered. De facto, there is no regulatory framework.

Disappointment from Tesla
Earlier, Tesla caused uncertainty. The group sold most of its tokens in the first quarter. A big blow for crypto disciples, as the e-car maker was considered the biggest supporter of digital currencies. Specifically, 75 percent of its BTC holdings were sold for $936 billion. Tesla has thus roughly reached breakeven on its investment.

Cyber Crime
There is, unfortunately, another mega-bearish fact that is barely highlighted in the mainstream media and not at all in the many crypto blogs. It is the increased hunt by investigators for cyber gangsters. FBI, BKA and co. have focused on the money trail in recent months. And, for example, offered a million-dollar bounty on Conti after the Costa Rica attack. The Russian gang has since disbanded and probably reorganized into smaller cells along the lines of Al Qaeda. A new, sharp wind is blowing in the face of cyber gangsters worldwide. The West must crack down as the largest syndicates are supported by Russia, China and North Korea in their fight against the Western economy. What must also interest traders and investors: Cryptos are the ransom of choice for criminals. We’ll be interested to see how this develops.
But who knows – maybe all the negative news is now slowly priced into the price, and buyers are making a spirited grab. Bernstein Bank keeps an eye on the situation for you!

 


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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.