Fireworks to everyone!
So, what's been going on with us since the beginning of this week?
- Singapore is expanding its scope of regulated payment services.
The Monetary Authority of Singapore (MAS) has amended the Payment Services Act. In accordance with the amendments, the law will regulate such activities as the provision of services for storing cryptocurrencies, as well as services related to transfer and exchange. The amendments also provide for mandatory licensing of crypto companies.
- The US economy may be in danger due to rapidly growing national debt.
Analysts at Bloomberg Economics conducted a study and concluded that the United States will not be able to service its national debt at some stage in the future. In their opinion, a potential weakening of the US dollar could be a turning point when the US loses not only access to cheap financing, but also global power and prestige.
- The analyst demanded $1 million for disclosing a vulnerability in the USDe stablecoin.
On-chain sleuth TardFiWhale has become concerned about structural weaknesses in the Ethereum-based “synthetic stablecoin” USDe from the Ethena Labs team. TardFiWhale said it is determined to prevent another financial disaster by reflecting on past crises in the crypto space. TardFiWhale's statements carry significant weight in the crypto community, as he predicted the collapse of the Terra ecosystem and the UST stablecoin months before their collapse.
- On the night of April 4, the Bitcoin Cash cryptocurrency (BCH is the most famous fork of Bitcoin) experienced its second halving in history. The price of BCH increased by more than 10% overnight to $683 on Binance.
Meanwhile, the cue ball, after declining by 8%, continues to stagnate in a slight sideways pattern and at 4H the price is held back by an upward local slope, 200DMA 4H and the lower boundary of the channel, which was drawn in the history of 21 years for 1 week.
So far, no significant movements have been observed, but today at 15.30 Moscow time a report will be released on the number of initial applications for unemployment benefits, which may add volatility to the market. At the moment, I am watching the current supports, with the likelihood of a true breakdown of which, we will face a further decline to the $52K area. Especially if the smaller moving averages cross the 200-day one from top to bottom.
Ethereum has been accumulating strength for some time under the trading level of $3335. At the moment (the review) is trying to break through this mark and consolidation above it will open the way to the next resistance level in the area of $3500. At 4H above there is a bunch of three moving averages as resistance, the breakdown of which can give a good upward impulse if Bitcoin allows it. Locally at 1H, we can reach at least 3500 in the near future.
