DAILY CRYPTOCURRENCY NEWS

US Treasury Announces New Crypto Tax Reporting Requirements

The US Treasury Department has requested that any cryptocurrency transfer worth $10,000 or more will be reported to the IRS to eliminate tax evasion risk. The new standards on tax reporting will come into effect from 2023 in order to avoid compliance problems for financial institutions.

Ripple and the SEC Will Meet on a Phone Conference

In the phone conference, which will be held today at 2:00 PM US time, the disputes between Ripple and the SEC over bilateral documents will be discussed.

FED Works on CBDC

FED has announced that it will release a research paper on central bank digital currency this summer.

New SEC Chairman Comments on Cryptocurrencies

New SEC Chairman Gary Gensler has emphasized that “We need to do whatever we can to ensure that bad actors aren’t playing with working families’ savings. Gensler has also stated that the decisions to be taken are still under discussion.

Letter to OCC from Sherrod Brown

US Senate Committee on Banking Chairman Sherrod Brown has sent a letter to the Office of the Comptroller of the Currency (OCC). In his letter, Brown has warned against granting federal charters to companies trying to expand access to “risky and unproven” digital assets and technologies and asked Comptroller Michael Hsu to reconsider recent decisions to let three crypto firms become national trust banks.

The Central Bank of Netherlands Comments on Cryptocurrency Exchanges

The Central Bank of Netherlands announced in a statement that cryptocurrency exchanges no longer have to verify users' wallet addresses. It was stated that they will remove the wallet verification measures as soon as possible and all other issues that facilitate transactions will be investigated.

4Chan Insider Claims BTC Drop Was a Coordinated Attack

In an article written in 4Chan on May 18, prior to the market drop on May 19, it was stated that the decrease in the BTC price was planned and it was aimed to liquidate all the assets of an unnamed stakeholder. Afterwards, with the news of China, which we have heard many times before, a decline was created in the market, and then panic sales came.

Indian Government Will Review the Previous Crypto Bill

Indian government will set up a panel of experts to study the possibility of regulating cryptocurrencies. Earlier, the government has made statements regarding banning all kinds of decentralized cryptocurrencies in the country.

Notes on Bitcoin and Institutional Investors from JPMorgan

In a research note published by JPMorgan, referring to the high volatility experienced in Bitcoin and the prices that have declined to the level of $ 30,000, this situation may have led institutional investors to gold in search of trust.

Cryptocurrencies Has Become the Most Searched Words

According to Google Trends data, searches on topics related to cryptocurrencies reached the highest level worldwide on a weekly basis.

DAILY CRYPTOCURRENCY ANALYSIS

BITCOIN [BTC] 359497.19 TRY

Bitcoin is pricing horizontally around $40,000 this morning. The news that BTC, which reacted to the level of $42,300 yesterday, requested that a transfer of $10,000 or more to cryptocurrency exchanges in the US be notified to the tax office. After the BTCs withdrew from the stock exchanges, the market started to show that there might be a return. The BTC reserve/Stablecoin reserve indicator dropped to an 8-month low. While this indicates that the number of BTCs to be sold is decreasing, the increase in the amount of stablecoin entering the stock markets indicates that the market will grow. The decline following the allegations in 4Chan also confirms that the movements in BTC are massive manipulation.

When we consider BTC/USDT technically, we expect the graphs to recover besides prices. After a good settlement of the $20,000-3,000 Fibo retracement levels in 2018 during the weekly period, it has been pushing us to lean towards these levels since yesterday. If it makes the weekly bar crossing above $42,300, we can see further upward impulses in BTC. During the day, the $38,100 and $35,000 levels will be in major support. There is a reaction, but there is no particular trend.

RESISTANCES 42.251 / 44.498 / 46.549
SUPPORTS 37.953 / 35.902 / 33.655

BITCOIN [BTC] 359497.19 TRY +7.00 +0.03 VOL 21 BTC

ETHEREUM [ETH] 24638.81 TRY

Ethereum, is pricing at $2,735 this morning, down 1%. When we examine the chain data, we see that after the funding rate declined to the negative zone on May 19, the funding rates approached again towards the 0 level.This data may show us that investors are slowly moving away from panic sales and their selling tendencies are decreasing. At the same time, we see that the number of active addresses is starting to increase again, which may show us that the investor's interest is turning back to Ethereum.

When we consider ETH/USDT technically, we see that it has broken the rising trend line downwards since the beginning of 2021. However, ETH, which continues to move in price within its rising channel, recently tested the mid-band of the channel. As Ethereum continues to move towards the upper band of the channel, which is trying to recover after the decline, it is important that it first breaks the resistance in the $2,900-3,100 band, and if it breaks this resistance, it means a price increase of approximately 15-20% for ETH, which we expect to test the upper band of the channel. If the price fails to break the resistance in the $2,900-3,100 band, we expect the $2,400-2,500 band to be the support level in its downward movement.

RESISTANCES 2982 / 3194 / 3400
SUPPORTS 2147 / 2359 / 2565

ETHEREUM [ETH] 24638.81 TRY +7.00 +0.03 VOL 21 ETH

AVALANCHE [AVAX] 319.48 TRY

AVAX, which decreased by 2% in the morning hours, is priced at $24.00. The CryptoRefills and Avalanche deal, which allows the purchase of mobile credits, gift cards, e-gifts and coupons with cryptocurrencies, was a positive development for AVAX, which fell below $20.00 with the general decline in the market, and the price was tested at $28 levels after the partnership news.

When we consider the AVAX/USDT parity technically, we see that the oscillators have started to give a return signal for AVAX, which we see that it continues to move horizontally. In case of an upward break of the $27-29 band for AVAX, where we see the $23 levels as support, the price movement may accelerate towards the $35 levels. If the price breaks below the support point located at the $23 levels, we expect the price to move towards the $19 band, which is the starting level of Fibonacci, and find support from that point.

RESISTANCES 27,22 / 29,86 / 31,53
SUPPORTS 18,61 / 21,25 / 22,92

AVALANCHE [AVAX] 319.48 TRY +7.00 +0.03 VOL 21 AVAX

RIPPLE [XRP] 8.79 TRY

Ripple, which dropped 4% in the morning hours, is priced at $1.13. Ripple's request was rejected by Judge Netburn in the recent developments in the lawsuit, but we did not observe a big impact on the price. The reason for this was that the SEC could not get the support it wanted from international regulators for cooperation. Today, we will be following the phone conference in the evening at Turkish time, where disputes between Ripple and SEC over documents will be discussed. We anticipate that if decisions are made in favor of Ripple as a result of this public teleconference, it will have a positive effect on the price.

When we consider the XRP/USDT parity technically, we see that the price continues to move on the 7-day DEMA and 14-day DEMA in the XRP/USDT parity, which continues to move above the 127.20% slice of the Fibonacci retracement level. If the price moves upwards, the first resistance point will be $1.20, which corresponds to the 100% slice of the Fibonacci retracement. If this resistance can be broken, 30-day DEMA can be tested. In case of persistence above the $1.20 levels, we expect the price to continue to move towards the $1.25-1.30 band. In case the price moves down with a possible negative development, the first support point will be the $1.05-1.07 band.

 

RESISTANCES 1,2321 / 1,3293 / 1,3914
SUPPORTS 0,9135 / 1,0107 / 1,0728

RIPPLE [XRP] 8.79 TRY +7.00 +0.03 VOL 21 XRP

LITECOIN [LTC] 989.75 TRY

Litecoin, which we see that it drops by 5% in the morning hours, is priced at $29.00. When we look at the latest state of Grayscale's investments, we see that despite the decrease experienced in the current week, 17427 LINK purchases were made in the last week and only 13 LINKs were sold in the last 24 hours. The lack of sales despite heavy purchases shows that the trust of institutional investors in LINK continues. We consider the long-term outlook to be positive.

When we consider the LINK/USDT parity technically, we see that LINK, which has been moving in the rising trend since April 2020, continues its movement on this trend despite the general decrease in the market. The first support point for LINK/USDT falling below the $30 level will be the $26 levels, which corresponds to the 127.20% tranche of the Fibonacci retracement level. If this level breaks down, we expect it to continue its movement towards the 21-24 $band. In case of an upward break of the $30 level, we expect the price movement to accelerate towards the $37 band, which corresponds to the Fibo'161.80 level.

RESISTANCES 221,74 / 237,40 / 249,81
SUPPORTS 165,60 / 181,26 / 193,67

LITECOIN [LTC] 989.75 TRY +7.00 +0.03 VOL 21 LTC

LINK, which we see that it drops by 5% in the morning hours, is priced at $29.00. When we look at the latest state of Grayscale's investments, we see that despite the decrease experienced in the current week, 17427 LINK purchases were made in the last week and only 13 LINKs were sold in the last 24 hours. The lack of sales despite heavy purchases shows that the trust of institutional investors in LINK continues. We consider the long-term outlook to be positive.

When we consider the LINK/USDT parity technically, we see that LINK, which has been moving in the rising trend since April 2020, continues its movement on this trend despite the general decrease in the market. The first support point for LINK/USDT falling below the $30 level will be the $26 levels, which corresponds to the 127.20% tranche of the Fibonacci retracement level. If this level breaks down, we expect it to continue its movement towards the 21-24 $band. In case of an upward break of the $30 level, we expect the price movement to accelerate towards the $37 band, which corresponds to the Fibo'161.80 level.

 

RESISTANCES 32,45 / 35,26 / 37,53
SUPPORTS 22,28 / 25,09 / 27,37

BASIC ATTENTION TOKEN [BAT] 5.65 TRY

Basic Attention Token, which rose 1% in the morning hours, is trading at $0.88. With the decline in the market, we saw that BAT decreased to $0.50 levels, but this morning, we see that BAT diverges positively compared to the market in general. When we examine the Basic Attention Token chain data, we see that the increase in the number of new addresses and active addresses continues, in other words, investors' interest in BAT continues. These show that the balances in both new investors and accounts have increased.

When we consider the BAT/USDT parity technically, we see that BAT, which continues the price movement in the descending channel, tested the lower band of the channel after testing the 0.889 level, which corresponds to the Fibo'61.80 correction level, but could not provide permanence, and this level is a resistance point. We anticipate that if this resistance point is broken, the channel mid-band may create a resistance and if it holds above this point, the BAT/USDT parity can retest the $1.00 levels. If the price fails to break the resistance at the Fibo'61.80 retracement level, we expect the price to continue its movement towards the $0.66-0.70 band, which corresponds to the Fibo'78.60 retracement levels.

RESISTANCES 0,9379 / 0,9926 / 1,0660
SUPPORTS 0,6817 / 0,7364 / 0,8098

BASIC ATTENTION TOKEN [BAT] 5.65 TRY +7.00 +0.03 VOL 21 BAT

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