U.S. Senators Elizabeth Warren (D-Mass.) and Roger Marshall (R-Kan.) are introducing a bill to crack down on money laundering and cryptocurrency funding of terrorists and rogue states.
This article originally appeared in Crypto Markets Today, CoinDesk’s daily newsletter covering what’s happening in today’s crypto markets. Subscribe to get it in your inbox every day.
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If enacted, the Digital Asset Anti-Money Laundering Act will introduce know-your-customer (KYC) rules for crypto participants such as wallet providers and miners, and ban financial institutions from trading with digital asset mixers, which are tools intended to disguise the origin of the funds.
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The law would also allow the Financial Crimes Enforcement Network (FinCEN) to implement a proposed rule requiring institutions to report certain transactions involving non-hosted wallets — wallets where the user has complete control over the content, rather than relying on one to leave the stock exchange or any other third party.
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Concerns about using crypto to facilitate money laundering and terrorist financing are frequently raised by lawmakers or regulators and are often used to highlight the need for stricter regulation of the digital asset industry.
Token rounding up
(CoinDesk Research)
Bitcoin (BTC): The largest cryptocurrency by market cap shed earlier gains to recently trade at $17,800 after the US Federal Reserve hiked rates another 50 basis points at its last meeting of the year, signaling more hikes are likely in 2023 be. BTC traded as high as $18,356 just before the Fed’s announcement, breaking above $18,000 for the first time since early November. It is up 0.5% in the last 24 hours. “Cryptos dragged lower as dollar surges as risk aversion returns,” Edward Moya, senior market analyst of the Americas at Oanda, wrote in a note Wednesday.
Equity markets also turned red, with the tech-heavy Nasdaq Composite finishing down 0.76%. The S&P 500 lost 0.61% and the Dow Jones Industrial Average lost 0.42%.
The story goes on
Ether (ETH): The second largest cryptocurrency by market cap after Bitcoin has similarly followed BTC’s move, falling about 1% to $1,310 at press time. PayPal and MetaMask announced earlier in the day that the payments company will integrate its buy, sell and hold crypto services with MetaMask Wallet as the companies look to expand user options for transferring digital assets from their platforms. Users can buy ETH and transfer it from PayPal to MetaMask.
Maple (MPL): Blockchain-based lending platform Maple Finance unveiled a major protocol overhaul on Wednesday to improve shortcomings highlighted by a recent spate of loan defaults. The updated version includes improvements to the withdrawal request process and introduces an option to schedule and prorate payouts. Maple Finance’s native MPL token surged as much as 6.9% over the past 24 hours on the news, before falling 1.7% to $3.80, according to price tracking site CoinGecko
Current prices
CoinDesk Market Index (CMI)
882.61
−1.9 ▼ 0.2%
Bitcoin (BTC)
$17,834
+73.0 ▲ 0.4%
Ethereum (ETH)
$1,311
−9.7 ▼ 0.7%
S&P 500 daily close
3,995.32
−24.3 ▼ 0.6%
gold
$1,819
+4.8 ▲ 0.3%
Treasury yield 10 years
3.5%
▲ 0.0
BTC/ETH prices per CoinDesk indices; Gold is the COMEX spot price. Prices from approximately 4:00 p.m. ET
Crypto Market Analysis: Focus on Bitcoin’s Price Charts, Not Feds Powell’s Hawkishness
By Glenn Williams Jr.
Let’s unpack this week’s uptrend above $18,000 for the first time since November 10th. Does the uptrend have real benefits, or is it just a short-term recovery rally? It could be that just asking the question is a sign of optimism.
Historically, the market does not enter a strong performing time of year on a seasonal basis. From a price chart perspective, Bitcoin’s level of around $17,900 is moving the asset into a region of “low volume nodes” – potentially indicating the potential for rapid price moves.
Volume nodes can be identified as zones on a price chart using the Volume Profile Visible Range tool, which shows trading activity by price point. A high volume node represents areas of significant price agreement, often coinciding with slower price movements.
In contrast, low-volume nodes represent areas of low activity. Prices have a tendency to move quickly through these areas until they reach the next area of agreement. An example of this is the 14% drop on November 9th. Bitcoin has now entered the same space, but this time upwards.
Bitcoin 12/14/22 (Trading View)
Read the full technical take here.
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