The past seven days were a mixed bag for the crypto market. In the beginning, BTC, ETH, and many altcoins lost their important support levels and fell to yearly lows. However, by the end of the week, BTC and most of the major tokens managed to reclaim their support levels which was an important sign for bullish and bearish investors alike. Nonetheless, there were other significant happenings on the market—read on to discover the most vital news of last week.
As mentioned before, the market was slightly down during the past week, albeit with an important recovery by the end of it.
Bitcoin (BTC), for instance, dipped below its historic $20,000 support level, and went as low as $17,795 for a short time. However, buyers managed to push the price back above $20,000 right after, which signals that there is strong demand at that price point for the largest crypto asset. Ethereum (ETH) also faced a similar price action, as it went below its strong, $1,000 support. Just like BTC, however, it managed to reclaim the above-$1,000 territory shortly after it had lost it.
The daily performance of the market is interesting to zoom in on. Monday and Tuesday were quite positive for almost all crypto assets, as the entire market was up around 5% collectively.
Spanish Airline Vueling has partnered with BitPay to implement crypto as a method of payment. Starting from 2023, the airline plans to initially support 13 cryptocurrencies including SHIB, BTC, DOGE, and ETH.
Following the withdrawal of 2B, TronDAO, the self-governing organization behind USDD stablecoin, announced it will be withdrawing another 3B TRX from an undisclosed CeFi and a DeFi lending platform.
Despite its approval by the National Assembly, the President of Panama has vetoed a law that would regulate BTC, DAOs, and blockchain-related businesses citing FATF guidelines that underline the need for “fiscal transparency” and measures for the “prevention of money laundering”.
Government officials in Kazakhstan have approved regulations that will govern interactions between authorized coin trading platforms and traditional financial institutions. The new rules launched under a pilot project will allow registered cryptocurrency exchanges to have bank accounts in the country, and will get an opportunity to operate legally in the Astana International Finance Center in 2022.
South Korea’s Ministry of Economy and Finance tax policy chief has announced delaying the country’s planned crypto tax on digital assets for another two years. The 20% tax on crypto asset gains was originally scheduled to come into effect on January 1, 2023.
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