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Bitcoin drops as it pulls back from record highs, trades below $50k.

Bitcoin started dropping on early Monday, but it briefly gained before dropping below $50,000 once again on Tuesday. The leading cryptocurrency’s downward movement came after bitcoin reached new record highs above $58,300 over the weekend. The drop seemed to accelerate as U.S. Treasury Secretary Janet Yellen described bitcoin as a “highly speculative asset” that is […]

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Bitcoin started dropping on early Monday, but it briefly gained before dropping below $50,000 once again on Tuesday. The leading cryptocurrency’s downward movement came after bitcoin reached new record highs above $58,300 over the weekend. The drop seemed to accelerate as U.S. Treasury Secretary Janet Yellen described bitcoin as a “highly speculative asset” that is extremely inefficient for transactions. At the time of writing, BTC is changing hands at just below $50,000.

Bitcoin dropped after Elon Musk says BTC and ETH prices “seem high.”

Elon Musk tweeted Saturday that “BTC & ETH do seem high lol,” referring to Bitcoin and the second-leading cryptocurrency Ethereum. Musk’s tweet was part of a reply to a tweet from Peter Schiff, chief market strategist for brokerage firm Euro Pacific Capital, about the value of Bitcoin versus gold-backed currency. On Monday, Yellen spoke at the DealBook conference about Bitcoin’s use for transactions, saying the amount of energy used for the process is “staggering.” “I don’t think that Bitcoin … is widely used as a transaction mechanism,” she said, according to CNBC. “To the extent it is used, I fear it’s often for illicit finance,” she added. 

Bitcoin still trades near the $50k mark.

Bitcoin witnessed the most impressive rally in its entire history this year after the price reached close to $59,000 for the first time. The upward movement in the price was mostly driven by an increased institutional interest in the leading cryptocurrency. As reported early, Elon Musk-led Tesla purchased $1.5 billion worth of bitcoin sometime in January this year. Analysts have estimated that Tesla has made nearly $1 billion in profits just from its bitcoin purchase. 

Source: https://coinnounce.com/bitcoin-drops-as-it-pulls-back-from-record-highs-trades-below-50k/

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New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading Accounts

New Crypto Rules in Thailand Could Require Traders to Show Income Before Opening Trading AccountsThailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income. Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market According to a Bloomberg […]

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Thailand seeks to introduce a new set of rules for retail crypto investors, specifically targeting those who want to open accounts. The Thai financial watchdog could require domestic crypto exchanges to ask traders for proof of income.

Thai SEC Could Also Ask Crypto Investors to Prove Their Knowledge of the Market

According to a Bloomberg report, the Securities and Exchange Commission (SEC) of Thailand is likely preparing the ground to require investors to show their income or assets before opening accounts.

Ruenvadee Suwanmongkol, the secretary general of the country’s financial watchdog, pointed out that anyone who isn’t allowed to trade cryptocurrencies via their accounts can invest through licensed managers. She added:

It’s a big concern as most crypto investors on domestic exchanges are very young, such as students and teenagers. We realize those people love innovations and technology, but investments in these assets have enormous risk.

Moreover, the general secretary said that non-qualified crypto traders could invest via financial advisers only if they’re licensed by the SEC.

The watchdog is set to unveil its new rules on crypto trading over the week, ahead of a public hearing scheduled for March. Officials involved in the meetings are expected to evaluate recommendations from local exchanges and brokerages.

Although it’s not confirmed, the general secretary suggested that investors have to prove some knowledge of the market before being allowed to open crypto accounts for trading.

Six Licensed Crypto Exchanges Operating in Thailand so far

The rhetoric from the Thai SEC is now shifting to a cautious one towards the cryptocurrencies’ risks. However, they keep granting licenses to crypto businesses in the nation. So far, in terms of digital asset exchanges approved, there are only six operating legally in Thailand.

They are Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. All six licensed crypto exchanges are approved for both cryptocurrencies and digital tokens, except for ERX, which is only approved for the latter.

The SEC distinguishes cryptocurrencies as “created for the purpose of being a medium of exchange for the acquisition of goods, services, or other rights.”

On the other hand, digital tokens are created “for the purpose of specifying the right of a person to participate in an investment in any project or business, or to acquire specific goods, services, or other rights under an agreement between the issuer and the holder,” said the financial watchdog.

What do you think about the words from the Thai SEC general secretary? Let us know in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Source: https://news.bitcoin.com/new-crypto-rules-in-thailand-could-require-traders-to-show-income-before-opening-trading-accounts/

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Crypto Analyst Who Called 2018’s Market Boom Reveals His Main Altcoin Position

A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000, has revealed his main altcoin position on a little-known cryptocurrency. The pseudonymous analyst, known as Smart Contractor on social media, told his over 100,000 followers he has been seeing signs the market […]

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A top cryptocurrency strategist that has gained a large following on social media after accurately calling bitcoin’s 2018 bear market bottom above $3,000, has revealed his main altcoin position on a little-known cryptocurrency.

The pseudonymous analyst, known as Smart Contractor on social media, told his over 100,000 followers he has been seeing signs the market correction has bottomed out this month, and sees a surge in bitcoin’s price to $60,000 as a possibility.

The trader, as Daily Hodl reports, revealed he has a large position in the scalable smart contract platform TomoChain (TOMO), which per his words has the potential to double in value against the flagship cryptocurrency. Smart Contracter used technical analysis for his prediction:

The price of TOMO has, according to CryptoCompare data, already moved up over 86% in the last 30 days, as each token is now trading at $2.4, up from a little over $1 a month ago. The cryptocurrency was below that mark for most of last year.

Smart Contracter also pointed to the S&P 500 index which, according to him, shows investors’ risk appetite is recovering, and a bull period in the equities market could also benefit crypto, he said. The analyst also named the FTX Token (FTT) as a cryptocurrency he is eyeing, as it could bounce back harder than other cryptoassets.

On social media, he said the native cryptoasset of the popular derivatives trading platform FTX “will be one of the strongest and first to recover,” based on the chart’s structure. The trader added he sees the price of FTT crossing over the $40 mark to hit a new all-time high as the cryptocurrency market recover.

It’s worth noting Smart Contracter is famous for, in June 2018, predicting the bear market that was seeing the price of bitcoin drop from a then all-time high near $20,000 would end with the coin trading at $3,200. The prediction was nearly accurate, as BTC hit the target in December of that year.

Featured image via Pixabay.

Source: https://www.cryptoglobe.com/latest/2021/02/crypto-analyst-who-called-2018s-market-boom-reveals-his-main-altcoin-position/

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Popular Crypto Trader Peter Brandt Weighs in On Bitcoin and XRP

Popular market analyst and veteran trader Peter Brandt called the current price correction healthy for bitcoin, while noting that XRP could be bullish in the short-term.

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Popular crypto trader and market analyst Peter Brandt has provided his opinion on the recent price dip for cryptoassets, including an outlook for XRP. 

On Monday (February 22), Brandt speculated that Bitcoin’s recent price correction could be the extent of the market pullback. Brandt noted that Bitcoin’s average price decreased by 30% or more during corrections occurring between 2015 – 2017, putting Bitcoin on pace to retrace to $37,900. The veteran trader called January’s high of $42K a “logical spot” to buy the dip.

Brandt was positive on the price pullback, saying it could make the market “healthy again” and was getting rid of late FOMO buyers. 

Brandt pointed to market clues foretelling the price corrreciton, including a series of high-profile Twitter users such as Michael Saylor switching to “bitcoin eyes” in their photos to cheer the surging price of BTC. Brandt warned “unbridled exuberance” was dangerous and predictive of a market that is temporarily overbought. 

The popular trader also weighed in on the controversial state of XRP, referring to it as a security. Brandt alleged that he did not trade over-the-counter securities, but said XRP “would be of interest” if he did.

He pointed to the charts showing an inverted head and shoulder pattern that could prove bullish in the short-term. 

Featured Image Credit: Photo via Pixabay.com

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Source: https://www.cryptoglobe.com/latest/2021/02/popular-crypto-trader-peter-brandt-weighs-in-on-bitcoin-and-xrp/

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