Tuesday, 7 March 2023

Market Summary

Market Summary 7 March 2023

Bitcoin Price: US$ 22,410.00 (-0.09%)
Ethereum Price: US$ 1,565.84 (+0.08%)  

 

Internal documents obtained by The Australian Financial Review under freedom of information laws reveal that Australia’s government is likely to delay crypto legislation beyond 2024. The government is planning to release consultation papers on crypto licensing and custody in Q2 2023 and hold stakeholder roundtables in Q3 2023. Final submissions to the cabinet are not expected until late 2023, indicating that decisions on crypto legislation may be delayed well into 2024 and beyond. In a separate development, Bitcoin of America, which operated unlicensed crypto kiosks in Ohio, has been indicted for money laundering and other crimes related to the operation of over 50 unlicensed crypto kiosks in the state. The company and its executives knowingly benefited from victims of cryptocurrency scams who exploited the lack of anti-money laundering protections in the firm’s systems to transfer funds out of users’ crypto wallets.

Crypto exchange Bybit is set to launch a new debit card, which operates on the Mastercard network and will allow users to make payments and withdraw cash using cryptocurrency holdings. The card will start with a free virtual version for online purchases and is expected to be followed by physical cards in April 2023. The service will work with Bitcoin balances on user accounts, with payments automatically converted to euros or pounds depending on the user’s country of residence. In other news, Bitcoin’s 50-week simple moving average has crossed under its 200-week SMA, confirming a “death cross,” a bearish indicator suggesting a sustained downtrend. Analysts are divided on what this means for the cryptocurrency market.

Crypto company FTX’s affiliate Alameda Research is suing asset manager Grayscale Investments, alleging that Grayscale is improperly withholding investments from customers. According to FTX’s new CEO, John J. Ray III, Grayscale has an “improper redemption ban” that is preventing customers from accessing their investments. Meanwhile, Dogecoin’s price has dropped by almost 10% on the week, hitting a two-month low of $0.073, as Elon Musk shifts his attention to artificial intelligence.

 

Source:

https://decrypt.co
https://cointelegraph.com
https://coindesk.com 

 

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