Bitcoin closed up four out of seven sessions last week and reversed the downtrend! Bitcoin price is above $22,000 currently. A glance at the daily chart reveals Bitcoin has resumed climbing currently and breached above the resistance line – again! A continuing uptrend will take it above the recent trading range!
Bitcoin is rebounding after crypto market valuation hit weekly low of about $863 billion last Wednesday. And as traders are gauging what will be financial markets trajectory after the US reported inflation at a new four-decade high of 9.1% on Wednesday, Vermont Department of Financial Regulation initiated an investigation on troubled crypto lender Celsius, as did California on ‘multiple’ crypto lending companies while the new crypto mining tax hike was signed into law in Kazakhstan.
The US state of Vermont’s Department of Financial Regulation (DFR) has started an investigation of Celisus claiming the lender lacks the assets and liquidity to honor its obligations to account holders and other creditors and it is ‘deeply insolvent.’ The DFR believes that Celsius has been engaged in “an unregistered securities offering” by offering cryptocurrency interest accounts to retail investors while lacking a money transmitter license.
The California Department of Financial Protection and Innovation is looking at whether “multiple” firms that have suspended customer withdrawals and transfers have violated its laws. The department didn’t name the companies under investigation, but it said it is studying companies that “offer customers interest-bearing crypto asset accounts,” or crypto-interest accounts, and service providers that “may not have adequately disclosed risks customers face when they deposit crypto assets onto [lenders’] platforms.”