Claiming that the ban from China is making Bitcoin stronger, Japan is set to tighten regulations on crypto taxes. Here are some highlights from the crypto market.
Edward Snowden recently commented on Bitcoin’s resilience in a tweet.
The former National Security Agency subcontractor who copied and leaked top-secret information on government mass surveillance programs believes China’s toughest crypto ban to date has only made Bitcoin stronger.
Sometimes I think back to it and wonder how many people have bought #Bitcoin then.
It has grown 10x since then, despite a coordinated global campaign by governments to undermine public understanding and support for cryptocurrencies.
China even banned it, but it only made Bitcoin stronger. https://t.co/pbnOFGfaVf
– Edward Snowden (@Snowden) October 3, 2021
Bitcoin’s hashrate has fully recovered after China’s ban on virtually all cryptocurrency mining earlier this year. The price of the largest cryptocurrency also passed the $ 49,000 mark on October 3.
ETH broke the USD 3,150 and USD 3,200 resistance levels to move into a positive zone.
The market also closed above the $ 3,300 level and the 100-hour simple moving average. After trading around the $ 3,489 region, it corrected down similarly to Bitcoin.
ETH price chart | Source: TradingView
ETH fell below the $ 3,400 support and the 23.6% Fib retracement level of the move up from the $ 2,970 low to the $ 3,489 high.
The price also fell below a major uptrend line with support near $ 3,400 on the hourly chart and is currently trading above the $ 3,320 support.
Resistance is immediately on the upside near the USD 3,400 area. The first major resistance is near the $ 3,420 level. A break above $ 3,420 could trigger a steady rise in prices. The next major resistance is near the $ 3,500 zone above which the price could rise.
If it does not stay above the $ 3,420 and $ 3,500 resistance levels, it could begin a new bearish correction with initial support on the downside near the $ 3,300 level.
The first major support is now forming near the USD 3,250 level and the 100 hour simple moving average. If ETH can’t hold above $ 3,250 it can test the $ 3,230 area which is near the 50% Fib retracement level.
Tesla boss Elon Musk, the richest man in the world, recently posted a photo of a charming Shiba Inu puppy named Floki.
Floki Frunkwelpe pic.twitter.com/xAr8T0Jfdf
– Elon Musk (@elonmusk) October 4, 2021
Despite the previous photo upload announcement, Musk’s tweet seems to have had little impact on the price of some meme coins.
Dogecoin (DOGE), the largest actively promoted meme coin by Musk, gained 3.49% after the billionaire’s post but quickly gave up momentum and is now trading in the red. In addition, the Shiba Inu (SHIB) price barely moved.
Even Floki Inu (FLOKI) was able to quickly offset the 40% increase recorded thanks to Musk’s tweet and is currently trading around 5%.
Binance cryptocurrency exchange is enable European customers are moving their security tokens to another company amid Binance’s unexpected closure of its product range in July.
Customers in the European Economic Area and Switzerland can now transfer tokens from Binance to CM-Equity AG, the German investment company that Binance has partnered with, to list security tokens.
However, customers from other countries, such as Great Britain, cannot migrate tokens to CM-Equity AG. You can sell them on Binance until October 14th. If customers do not sell or transfer tokens to the CM-Equity AG platform, Binance will sell them all on October 15th.
David Gokhshtein, CEO of PAC Protocol, said a crypto whale has bought trillions from SHIB since Thursday.
In the comment thread, a SHIB investor tweeted that many whales had bought Shiba Inu in the past two weeks. The largest purchase to date is valued at $ 46 million, or roughly six trillion SHIB.
There have been several whales in the past 2 weeks. The highest value was $ 46 million I believe.
All of you who sleep on SHIB are highly misinformed. Repentance pic.twitter.com/vhsiivYpGj
– $ Sh! B Na $ ti (🏅-G3n3r4l) (@NastyShib) October 3, 2021
Axie Infinity news
There is almost $ 2 billion invested in Axie Infinity while the AXS token price is rising New ATH after gaining 130% last week.
The interactive game Axie Infinity has attracted tokens worth nearly $ 2 billion on its platform, which is a new record.
AXS price chart | Source: Coinmarketcap
Launched less than a year ago, Axie Infinity is an Ethereum-based online game that has grown exponentially in terms of activity and engagement over the past few months. The number of owners has hit a record after increasing 420% since the beginning of the year.
The decentralized smart contract platform, IOST, is now member latest from the Japan Blockchain Association (JBA).
The IOST Foundation has supported the development of many potential blockchain engineers since it began its activities in Japan in 2018.
To date, this activity has evolved into the Blockchain Free Education Program, which has more than 300 students at 9 universities and educational institutions in partnership with technology companies and one company.
Since its inception, IOST’s mission has been to promote the adoption of blockchain and make the technology accessible to the masses.
The US brings together 30 countries to prevent the illegal use of cryptocurrencies.
The United States is working closely with countries around the world to combat cybersecurity threats.
In a statement released on October 1, White House President Joe Biden released a statement on the government’s cybersecurity efforts for October, Cybersecurity Awareness Month.
The U.S. will bring 30 countries together to tackle the illegal use of crypto, says Biden.
The White House released a statement from Biden on Friday on the government’s cybersecurity efforts as October is Cybersecurity Awareness Month.
– Alwell Benaiah (@AlwellBenaiah) October 3, 2021
In particular, President Biden said the United States is working closely with countries around the world to respond to cybersecurity threats, including NATO allies and G7 partners.
“The United States will bring together 30 countries to promote cooperation in the fight against cybercrime, improve law enforcement cooperation, prevent the illegal use of cryptocurrencies, and engage diplomatically on the matter,” said Biden.
Japan tightens crypto tax rules.
Japanese authorities are investigating cases of tax evasion due to cryptocurrency conversions. Allegedly, a total of 1.4 billion yen (approximately $ 6 million) was missed. Authorities have conducted a large-scale investigation against crypto users in the Kanto region.
The Japanese tax authority will also focus on improving tax policies for the crypto market. Cities studied include Saitama, Tochigi, Gunma, Niigata, and Nagano.
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