Momentum is in bears' favor as BTC remained red since the start of the week. In the daily, we're looking at a failed retest of the 10,000 level (resistance) and price is now testing the support around 9,200 - 9,000 (50MA support). Should BTC fail to hold within the current support, it is likely to have a continuation of the swing down to the next possible support around 8,200+. Meanwhile, the structure in the weekly chart is also worth noting as price is nearing the weekly 50MA.
Global market cap is at $260B, while BTC's market cap is at $167B.
1/ INTRODUCING AVANTI BANK, a new US #bank to serve #digitalasset industry, offering new products & svcs not currently available in USD mkts along w/ tech partner @Blockstream. #Wyoming-based. We’re preparing long process of charter application & aim to open early 2021. @AvantiBT pic.twitter.com/fpnN6qBBhW— Caitlin Long 🔑 (@CaitlinLong_) February 24, 2020
Caitlin Long, a former Wall Street executive, is establishing the first crypto-native bank in the US. The bank, named Avanti from the Italian word meaning "forward," will be looking to offer new products and services not currently available from traditional banks - like crypto custody.
The bank is made possible by Wyoming's special-purpose depository institution law, "which is the optimal regulatory-compliant structure in the US for providing financial services around crypto." The law has stringent regulatory requirements, meaning the bank will have to be strict with their Know Your Customers (KYC) standards. Avanti will also have to have all deposits - crypto or otherwise - 100% reserved, and will not be allowed to use these deposits for any financial operations of their own. Long expects Avanti to open its doors in early 2021.
The Korean government plans to have a tax reform later this year as South Korean experts advised the implementation of low-level trading tax on cryptocurrency profits before subjecting citizens to a transfer income tax. The Korea Blockchain Association acknowledged the proposal by saying that "Related laws are still absent and the taxation infrastructure is still insufficient to cover cryptocurrencies and, as such, some supplements need to be added on the expense calculation side."
The Singapore Court of Appeals, in its first legal dispute involving cryptocurrency, has ruled that virtual currency exchange Quione must pay damages to B2C2, an electronic market maker. B2C2 had seven transactions from April 2017 wrongfully reversed after the exchange argued that there was a mistake - as B2C2's orders to sell Ether for Bitcoin at the price of 10 BTC per ETH were fulfilled with the assumption that they had been executed at current market price, rather than 250 times above market value.
The court found that both parties were operating complex automated trading systems in order to find arbitrage opportunities - with B2C2's bot eventually selling 309 ETH for 3,092 BTC. Quione deducted 3,085 BTC from B2C2's account shortly after. Four of the five judges of the Court of Appeals voted to dismiss Quione's appeal to cancel the orders.
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