Weekly Crypto Recap w/ NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
Today we are presenting you a plan for Bitcoin for the next couple of weeks as well as what's needed for the slowdown of crypto crime.
What's on the menu today?
1. Breaking News
2. Crypto Fear and Greed Index
3. BTC TA Analysis
4. Crypto Crimes is on the Rise
5. Funniest Meme of the Week
Breaking News
· CZ could spend up to 36 months behind bars
· UK implements new laws to seize and destroy illicit crypto without prior arrest
· Amidst Republic First Bank crisis Bitcoin emerged as a safe haven asset
· Biden proposes highest taxes in 100 years + UNrealized gains tax
· SEC abused power and acted in bad faith
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https://app.newscrypto.io/news
Crypto Fear and Greed Index
Bitcoin TA Analysis
Bitcoin broke below the 12h order block and is at the time of writing testing 23.6% Fibonacci level as support. Either $BTC manages to break above $64k and closes a daily candle there or we are going to retest the ≈$60k or 0 Fibonacci level at around $59k.
Bitcoin is still just ranging. Until the range is broke to the upside or downside respect the range.
Crypto Crime is on the Rise
The surge in cryptocurrency-related crimes has become an alarming issue, with the FBI reporting over $12.5 billion in losses due to crypto scams and frauds in 2023 alone. This figure represents a 22% increase from the previous year, highlighting a growing problem that demands immediate and robust legislative and regulatory responses.
Fragmented Regulatory Landscape
The United States, as the world's leading financial superpower, lacks a cohesive and comprehensive regulatory framework to address the complexities of crypto-related crimes effectively. The current regulatory environment is characterized by fragmented oversight, with various agencies like the SEC, CFTC, and IRS operating without a unified approach. This lack of coordination has left significant loopholes that malicious actors exploit, increasing vulnerability for investors and everyday consumers.
The need for a unified regulatory approach is critical, as the decentralized nature of cryptocurrencies poses unique challenges that traditional financial systems were not designed to handle. Comprehensive policies and clear regulatory guidelines are essential to protect consumers and maintain the integrity of the crypto market.
Steps Towards Preventions and Protection
To counter the rising tide of crypto crimes, it is imperative to implement preventative measures that discourage illegal activities through economic disincentives and robust legal penalties. Legislators must also focus on equipping law enforcement and regulatory bodies with the necessary tools and knowledge to combat these crimes effectively.
This includes establishing stringent reporting requirements for crypto exchanges and wallet providers, enhancing the capabilities of financial intelligence units, and fostering international cooperation to tackle crypto crimes that often cross national borders.
Call for Proactive Measures
The ongoing issues of hacks, scams, and fraudulent activities within the crypto space not only threaten individual investors but also undermine the overall stability and credibility of the financial system. It is a critical moment for policymakers to step up and craft targeted, effective measures that address the unique challenges posed by digital assets.
Funniest Meme of the Week
