Welcome to today’s overview:
Yesterday was particularly vicious and marked a sharp drop in the price of the leading cryptocurrency. Interestingly, the daylight opened and closed at almost the same price and recorded a decrease of 0.07%.
However, while the price opened at $ 41,850, it peaked at $ 42,250 and on Bitstamp bottomed at $ 39,558. The second of these values represents the lowest point since September 21, 2021.
It is worth noting that BTC spent a maximum of a few minutes under $ 40,000 because the bids were filled in quickly and catapulted the price back above the key level. At the time of writing, BTC is trading for approximately $ 42,000, while in the meantime it has reached $ 42.6 thousand.
The roller coaster dominated the entire market, as most altcoins also went through something similar. ETH, for example, fell below $ 3 before recovering.
Kim Kardashian is sued for promoting a false cryptocurrency
With the growing number of cryptocurrency frauds, investors are starting to take matters into their own hands.
Ryan Huegerich, a New Yorker resident, and other plaintiffs filed a class action lawsuit in California District Court against Kim Kardashian, Floyd Mayweather Jr. and Paul Pierce for promoting an imitation of Ethereum, ETH Max (EMAX), on January 7.
Investors received EMAX tokens between May 14, 2021 and June 27, 2021, and the complaint was placed on the server classaction.org, which serves as a source of information on consumer class actions.
FTC is issuing a public warning against a new crypto-ATM fraud
FTC has issued a warning about a new version of cryptocurrency fraud. The fraud has three key components, an issuer, a QR code and a crypto ATM, where the victims will be directed to send money.
According to the FTC, fraudsters impersonate public officials, law enforcement officials, or employees of local utilities. Scammers also use dating applications to pretend to be potential romantic partners or call victims to let them know they have won a prize.
Whatever it starts, it always ends with the fraudster asking for money. If the user arrives, the fraudster tells him to withdraw cash and go to the ATM. He then asks to buy cryptocurrencies through an ATM. This is where the QR code enters the game. He shares the QR code of his wallet address with the victim.
Banks, crypto exchanges, companies
Axis Bank issues a financial contract on a state-supported blockchain platform
The Indian financial services giant Axis Bank has issued a financial contract between two domestic companies using a state-supported blockchain platform called the Secured Logistics Document Exchange (SLDE).
The SLDE was developed and published on 28 July 2021 by the Indian Ministry of Commerce and Industry to serve as a digital document exchange platform that uses blockchain-based security protocols for data security and authentication.
According to the official announcement, Axis has issued a letter of credit, a financing agreement that guarantees payment after the conditions have been met, between Arcelor Mittal, Nippon Steel India and Lalit Pipes & Pipes Ltd. (Lalit Pipes & Pipes Ltd.). Through SLDE, the Indian Ministry wants to improve transparency in terms of audits, capital requirements and logistics.
Most JPMorgan clients are in favor of BTC
Most clients contacted by US banking giant JPMorgan Chase believe that BTC, a reference cryptocurrency, will end this year with over $ 60,000.
Only a negligible 2% of respondents believe that BTC will end trading below $ 10,000 by 2023.
This contradicts the bears, who predict that 2022 will be a repeat of 2018, when the price of BTC rose sharply by more than 70%. Some analysts expect BTC to undergo a massive correction as the US Federal Reserve becomes more hawk.
With this in mind, JPMorgan’s clients do not expect the flagship cryptocurrency to show a massive rally this year. According to the survey, only a negligible 5% of them believe that the cryptocurrency can climb above the level of $ 100,000.
China officially calls cryptocurrency mining “obsolete”
China’s top economic planning authority has officially called cryptocurrency mining “obsolete,” reinforcing the government’s efforts to eradicate the industry.
The National Commission for Development and Reform made the designation on Monday as part of an update to a 2019 policy paper that set out how the country will move its economy to a model that favors cleaner and less demanding sectors.
According to the business consulting company Dezan Shira & Associate, the term obsolete refers to technologies that would be prohibited from applying for investment and which would have to be phased out in China by some time. However, the Commission did not set a deadline for the official cessation of cryptocurrency mining in China.
Thai government will clarify tax ambiguities in the area of cryptocurrencies
Thailand is urgently preparing its cryptocurrency tax plans by preparing regulations for digital asset traders this month in an effort to further clarify cryptocurrency-related activities.
The CEO of the Thai Ministry of Revenue said that clear criteria for calculating taxes on profits from cryptocurrency trading will be completed this month. The statement comes less than a week after the Southeast Asian country’s government unveiled plans to tax crypto traders and miners with 15% of capital gains taxes.
According to an article on January 11 in the Bangkok Post, Thai Prime Minister Prayut Chan-o-cha instructed the Ministry of Finance to brainstorm and provide an explanation to investors and the public.