Daily crypto news alerts for 21st December, 2020
🗞Bitcoin Cash price analysis, forecast for 2021. Will the price double in 2021?
Bitcoin Cash fluctuated in value throughout the year. In January, BCH hit its highest price at $476, and in the following months, February and March, due to the bear market, the cryptocurrency dropped to a low of $163.
In other words, sellers had an advantage in the first quarter of the year as they pushed the price to the previous low. After the first quarter, BCH resumed its uptrend. The price rose above $180 and resumed movement within the range. At the moment, the altcoin has neither an uptrend nor a downtrend as the price continues to move in a range.
According to the results of the first quarter, the price movement was characterized by small candles. These candles are called spinning tops and doji. These candles describe indecision between buyers and sellers about the direction of the market. During such a period, a scrapping or breakout usually occurs. Altcoin hasn't encountered either one yet.
This year, BCH had its maximum value in February, and its minimum in March. In other words, the altcoin peaked at $476 and lowered at $163. After that, the cryptocurrency fell into a constant range between $180 and $320. Over the past ten months, thresholds have not been violated.
Conclusion
Bitcoin Cash has been in the same range for most of the year. Cryptocurrency is clearly not trending. The market price was already falling mostly during February and March, before the COVID-19 pandemic hit the global markets. However, as 2021 approaches, the token is likely to peak at $350. In 2021, some analysts are optimistic that Bitcoin Cash will double in 12 months if Bitcoin holds its course towards $20,000. Some agree that the cryptocurrency will be priced between $520 and $280.
What BCH price range do you expect in 2021?
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🗞US regulator will require verification of the identity of the owners of cryptocurrency wallets
The US Financial Crimes Enforcement Network (FinCEN) has published regulations that introduce new accounting and reporting requirements for banks and money operators interacting with "autonomous or otherwise unregulated wallets."
With the introduction of regulations entitled “Requirements for Certain Transactions in Convertible Virtual Currency or Digital Assets”, offline wallets will come under stringent anti-money laundering standards, which means anonymous transactions will be a thing of the past.
FinCEN defines stand-alone wallets as “those wallets operated by a financial entity not subject to the Bank Secrecy Act and located in a foreign jurisdiction identified by FinCEN”.
The document argues that "convertible virtual currencies" are increasingly being used for the purpose of "financing international terrorism, weapons proliferation, sanctions evasion and money laundering."
The rules provide for the introduction of the identity verification procedure (KYC) for withdrawals of funds over $ 3000. If the transaction amount exceeds $ 10,000, firms will have to report to FinCEN. In this case, banks and money operators will provide information relating to the transaction of the client and his counterparty, including names and physical addresses, allowing to identify the participants in the transaction.
In order to ensure that no one is making anonymous transactions, FinCEN will require the identification of the splitting of large transactions into smaller ones in order to circumvent reporting requirements.
The new rules are in line with the current FinCEN regulation, which requires regulated financial institutions to report foreign exchange transactions “conducted by or on behalf of one person, as well as multiple foreign exchange transactions, the aggregate amount of which exceeds $ 10,000 in one day.”
FinCEN has announced that it will accept public comments on the published rules until January 4. This provides an opportunity for cryptocurrency companies and the general public to put forward arguments against the introduction of new rules.
The Financial Crime Network is an agency within the US Treasury Department. FinCEN's activities are aimed at combating money laundering, terrorist financing and financial crime.
The day before, it was reported that the US Treasury is going to introduce new rules for money operators who carry out transactions involving autonomous cryptocurrency wallets.
Rumors of regulation of individual cryptocurrency wallets in the US first surfaced in November, when Coinbase CEO Brian Armstrong tweeted it.
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🗞Bitcoin fees quadrupled in five days
The cost of processing transactions has increased against the background of an increase in the activity of holders of the first cryptocurrency. This is due to the renewal of the historical high of the bitcoin price at around $22.8 thousand.
Since December 13, fees on the bitcoin network have more than quadrupled, to the current value of $11.9. The increase in the cost of processing transactions occurs against the background of increased activity of holders of the first cryptocurrency, according to BitInfoCharts. On December 18, the number of unconfirmed transactions nearly reached 140,000, the second highest since the beginning of 2020.
This happened against the backdrop of a rally in the rate of the first cryptocurrency. On December 17, for the first time in history, it reached $23.8 thousand. In 6 days, the value of the asset rose by 30%. Growth accelerated after breaking the all-time high of $20,000.
As of December 18, 14:10 Moscow time, the bitcoin rate on the Binance crypto exchange is $22.8 thousand. Over the past day, it has practically not changed. The daily trading volumes of the asset, according to Coinmarketcap, are $65.1 billion with a BTC capitalization of 429 billion.
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🗞Elon Musk provoked the Dogecoin pump again and called Bitcoin
The Dogecoin cryptocurrency rate experienced a 15 percent rise today within half an hour, after the founder of SpaceX and Tesla Elon Musk turned his attention to the cryptocurrency again.
“One word: Doge”, - such a message from a well-known entrepreneur was enough for the capitalization of a single cryptocurrency to jump from $500 million to $600 million.
Before that, Musk wrote that bitcoin is his code word. Thus, he made a reference to his January tweet when he stated the opposite: "Bitcoin is not my code word." Community members welcomed the change in Musk's attitude to Bitcoin and invited him to invest several billion of Tesla's assets in cryptocurrency.
Musk himself, however, quickly cut short the glee. “Just kidding. Who needs a code word at all, "he wrote, adding later that" bitcoin is almost the same rubbish as fiat money. "
On Bitcoin, Musk's messages had no visible impact, since the capitalization of the first cryptocurrency is 800 times higher than Dogecoin. From time to time, he loves to cause sharp jumps in the rate of the meme coin. This happened in July, when one of the users asked to send him bitcoins. "Sorry, I only sell Doge!" Musk replied, attaching a visual display of "the inevitability of establishing the Dogecoin standard in the global financial system."
Musk does not forget to entertain 40 million of his Twitter followers with messages about cryptocurrencies at a time when he himself is close to becoming the richest inhabitant of the Earth. According to Bloomberg, since the beginning of the year, his fortune has grown by $140 billion to $167 billion, behind only $187 billion by Amazon creator Jeff Bezos.
