Bitcoin breached below the side of the symmetric triangle chart pattern that had formed last week. It is a bearish signal. The Bitcoin price is expected to test again the support line as shown on the chart below.
Crypto markets were in consolidation mode last week while several crypto regulatory initiatives were announced.
Crypto tokens with Korean ties including ICX,Luna recorded price gains last Thursday after the election of Yoon Suk-yeol as the country's president. The former top prosecutor promised to deregulate the crypto industry, raise the proposed threshold for the 20% capital-gains tax on cryptocurrency profits to KRW 52.4 million (US$42,450) from the current KRW 2.5 million threshold due to start in 2023.
Crypto market declined after US President Biden signed an executive order on cryptocurrencies on Wednesday. Biden directed federal agencies to coordinate their approach to the sector focusing on consumer protection, financial stability, illicit uses, leadership in the global financial sector, financial inclusion and responsible innovation without laying out specific positions the administration wants agencies to adopt.
UK's Financial Conduct Authority (FCA) – country’s financial watchdog, warned last Friday that any crypto ATMs operating in the country are illegal and must be shut down. As none of the 27 fully registered crypto firms have been approved by FCA to offer ATM services, any crypto ATMs in the UK are operating illegally, according to watchdog’s statement. There are 81 bitcoin ATMs/tellers in the UK, according to data by Coin ATM Radar.
Earlier on Thursday OpenSea users with Iran-based internet protocol addresses claimed their accounts were terminated. The OpenSea marketplace’s representative commented they block “users and territories on the US sanctions list from using our services, including buying, selling, or transferring NFTs on OpenSea.” OpenSea is a US company and US sanctions are against the Iranian government preventing US companies from providing goods or services to any user based in Iran.
