BITCOIN

The CEO of Southeast Asia’s largest bank, DBS, says cryptocurrency “can be an alternative to gold.” He added that regulating crypto “out of the formal banking system is an unwise thing to do.” DBS’ CEO on Cryptocurrency and Regulation DBS Bank Group CEO Piyush Gupta talked about cryptocurrency and its regulation at the recent Economic Times Global Business Summit. DBS is Southeast Asia’s largest bank by assets. The Economic Times quoted Gupta as saying: I don’t think that cryptocurrencies will become money as we know it, but it can be an alternative to gold and its value. “The other big challenge [of cryptocurrencies] is volatility in value. If you want to use this to pay for something, you don’t know what it’s costing you,” he elaborated. “Today cryptos are a potential source of speculated value, it’s unlikely that this is a source of money as we know it.” The executive said that central banks across the world should consider bringing cryptocurrency into the regulated space. H

Bitcoin started a steady increase above the $42,000 resistance against the US Dollar. BTC tested the $43,400 zone and recently corrected lower. Bitcoin started a downside correction after a test of $43,400. The price is trading above $42,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $41,500 support zone to remain in a positive zone. Bitcoin Price Remains In Uptrend Bitcoin price started a steady increase after it cleared the $42,000 resistance zone. BTC gained pace for a move above the $42,500 level and settled above the 100 hourly simple moving average. The upward move was such that the price even broke the $43,200 resistance. It traded as high as $43,402 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high. However

The European Central Bank (ECB) warns cryptocurrencies are being used to evade sanctions by Russians. ECB President Christine Lagarde warns crypto firms against becoming “accomplices” in the crime. ECB President Lagarde Is Certain About Crypto Being Used to Evade Russian Sanctions Christine Lagarde, president of the European Central Bank (ECB), said Tuesday at the Bank for International Settlements (BIS) Innovation Summit that cryptocurrencies are “certainly” being used by Russian firms and individuals to bypass sanctions. A growing number of countries have levied heavy sanctions against Russian entities after Russia began its invasion of Ukraine . Expressing concerns over crypto’s continued use, the ECB chief said: They are certainly being used as a way to try to circumvent the sanctions that have been decided by many countries around the world against Russia. “A specific number of players, either individuals or corporates, are obviously trying to convert their rubles into cry

The U.K.’s advertising authority has sent an enforcement notice to more than 50 companies that advertise cryptocurrencies. “We will monitor for compliance and implement sanctions if we do not see improvements,” said the regulator. British Advertising Regulator’s ‘Red Alert’ Priority Issue The U.K. Advertising Standards Authority (ASA), the country’s regulator of advertising, announced Tuesday: We have issued an enforcement notice to over 50 companies which advertise cryptocurrencies, instructing them to review their ads and to ensure they understand and are complying with the rules so that consumers are treated fairly. “The enforcement notice provides guidance to the crypto industry on how to stick to the rules and warns that we will monitor for compliance and implement sanctions if we do not see improvements,” the ASA added. “The notice applies to ads for cryptocurrencies, crypto exchanges and ads or promotions which otherwise involve the transfer, sale or supply of cryptocurr