Bitcoin tops 50-day average for first time since Nov; largest cryptocurrency rose to $42,956 | Tech News

Bitcoin tops 50-day average for first time since Nov; largest cryptocurrency rose to $42,956

Bitcoin rose above its 50-day moving average on Monday for the first time in more than two months.

By:BLOOMBERG
| Updated on: Aug 22 2022, 00:03 IST
Bitcoin price
Bitcoin witnessed a hike above its 50-day moving average on Monday.  (Reuters)

Bitcoin rose above its 50-day moving average on Monday for the first time in more than two months. The largest cryptocurrency rose as much as 3% to $42,956, compared with the 50-day technical mark which was around $42,810. It built on Friday's rise -- the biggest since October -- which had taken it back above the key round-number level of $40,000, and held over the weekend. 

“Bitcoin has broken some key levels and a downward-trending line here over the past few days and is showing signs of bullishness,” but it's “being capped by the 50-DMA and needs to close above it,” said Vijay Ayyar, head of Asia-Pacific at Luno Pte. “The next stop from here is $46,000 to $47,000.”

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Bitcoin's rise above the technical mark continues momentum higher amid the better-than-expected U.S. jobs report Friday on the heels of strong earnings from Amazon.com Inc. The cryptocurrency has been correlated with risk assets in recent months, and the S&P 500 gained 0.5% Friday while the Nasdaq 100 rose 1.3%.

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The largest cryptocurrency, which along with Ether was aided by a raft of short liquidations on Friday, “can make further upward progress in the weeks to come” given the technical breakout, said Fundstrat's Mark Newton in a report. “Initial upside targets lie at $45,000 and then $51,100.”

Other top cryptocurrencies like Ether and Solana were also slightly higher. The standout movers over the last 24 hours included XRP's 8.1% gain as well as memecoin Dogecoin with a 7.4% advance and Shiba Inu marking a 26% surge, according to pricing from CoinGecko.

Crypto firms launch coalition to promote market integrity

(Reuters) - A group of major cryptocurrency firms including Circle, Anchorage Digital and Huobi Global are forming a new coalition aimed at cracking down on market manipulation in an effort to instill trust in the burgeoning digital asset industry.

The Crypto Market Integrity Coalition, which was convened by risk-monitoring software company Solidus Labs, is also urging digital currency companies to sign a “market integrity” pledge that acknowledges the potential for fraud in the cryptocurrency space and the need for the industry to protect investors.

“It really is about recognizing that you need entities that are focused on a fair and orderly system here, and really trying to prevent the abuses that can happen if you're not paying attention,” said Kathy Kraninger, vice president of regulatory affairs at Solidus Labs and former director of the Consumer Financial Protection Bureau.

The new alliance and pledge comes as regulators remain concerned the new market is safe for investors, despite its surge in popularity. The Securities and Exchange Commission has cited the potential for market manipulation as one of the primary reasons for rejecting several applications for spot bitcoin exchange-traded funds.

Most recently, the markets regulator vetoed a proposal from Fidelity's Wise Origin Bitcoin Trust to offer an ETF that would track the cryptocurrency, determining that it did not meet the standards designed to prevent fraudulent and manipulative practices.

In December, the Bank for International Settlements called for more regulatory safeguards to prevent crypto fraud, arguing that the limited application of anti-money laundering rules, along with transaction anonymity, exposes DeFi to illegal activities and market manipulation.

While this new pledge is a major acknowledgement of the potential for fraud within the crypto space, it remains unclear how exactly the decentralized finance industry can curb bad actors.

The other founding members of the coalition are CrossTower, BitMex, GSR, Bitstamp, Elwood, CryptoCompare, Securrency, MV Index Solutions, the Chamber of Digital Commerce, Global Digital Finance and CryptoUK.

The coalition should help to “harmonize financial integrity standards” across market participants as many await more regulatory clarity, said Dante Disparte, chief strategy officer and head of global policy at Circle.

“Integrity is paramount to the progress and ability of our industry to continue innovating and building an infrastructure that delivers on the promise of access to financial resources for all,” he said.

Although the group will initially be focused on recruiting additional firms to sign its pledge, CMIC eventually hopes to be able engage with regulators, promote training programs and endorse data-sharing frameworks that can help to address concerns about transparency in the cryptocurrency space.

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First Published Date: 07 Feb, 18:49 IST
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