A “death cross” has formed on the Bitcoin chart. The people's deputy explained why the adoption of the law on the crypto market is delayed. The IMF wants to introduce a tax on electricity for miners. The function of crypto payments will be added to iPhones
A “death cross” was noticed on the Bitcoin chart: What does it mean?
The Bitcoin rate fell to $56.9 thousand on Thursday, August 15, which formed a “death cross” — an indicator that can warn of a new surge in sales. Such a signal occurs when the 50-day and 200-day SMAs cross. These are lines on the chart that show the average value of an asset for a certain period; in this case, for 50 and 200 days, respectively.
Traders say that it is the second bearish signal after the rate reached the bottom at the level of $15.5 thousand. The last time the “death cross” was seen was in September 2023, when BTC cost about $25 thousand. Then, the price moved sideways for a while, and later, a “golden cross” was formed, and the rate moved up.
According to analysts, if Bitcoin fails to rise above the 200 SMA to $62.4 thousand, it may confirm the bearish scenario. In case of success, there will be a chance for growth to $70 thousand. As of Monday, August 19, Bitcoin is traded at $58.6 thousand.
The news about the US authorities potentially selling coins seized from Silk Road, an illegal online platform, put additional pressure on the rate of the first cryptocurrency. Recently, 10 thousand BTC were moved to the Coinbase Prime wallet, which caused concern in the market.
Adoption of the law on the crypto market in Ukraine is delayed: They are looking for a compromise
Co-author of amendments to the bill “On virtual assets,” the People’s Deputy Yaroslav Zheleznyak, explains why cryptocurrency in Ukraine is still not regulated. According to him, the working group is trying to balance several important factors: compliance with anti-money laundering (AML) rules, fair taxation of crypto, and creation of convenient conditions for business.
Zheleznyak noted that it is vital to prevent criminal money laundering through Ukraine because the country could then be blacklisted by the international regulator FATF. In addition, it is necessary to close tax loopholes to avoid losses in the budget and make sure that the regulation is not too strict because it will discourage crypto companies. The Deputy emphasized that he does not want to create conditions in which crypto market participants will become an easy target for law enforcers.
Let’s recall that not only Verkhovna Rada deputies are involved in the development of the new law but also representatives of the NSSMCM, the National Bank, the Ministry of Finance, and the Ministry of Digital Transformation.
IMF proposed to sell electricity to miners at a higher price
The International Monetary Fund (IMF) believes that mining consumes too much electricity, and its cost for them should be revised. Now, crypto mining and data centers account for about 2% of global energy consumption and almost 1% of carbon emissions.
IMF economists have proposed a tax of $0.047 per 1 kWh for crypto miners. This, they argue, could reduce CO2 pollution by 100 million tons per year — equivalent to the emissions of the entire country of Belgium. If its negative health effects are considered, the tax can be increased to $0.089 per 1 kWh, which would add $5.2 billion a year to countries’ revenues. The Fund estimates that one BTC transaction consumes as much energy as the average person in Ghana or Pakistan uses in three years.
The IMF also suggested introducing a tax on energy consumed by AI companies, which could add $18 billion a year to countries’ coffers.
Economists warn that by 2027, the energy consumption of mining and AI will account for about 6% of the world’s electricity, and carbon emissions — to 1.2% of the global total.
Crypto gets even closer: Apple announces Tap to Pay feature in USDC
Circle, the USDC stablecoin issuer, announced plans to integrate the Tap to Pay contactless payment feature on iPhones. This is made possible by iOS 18.1 updates that allow developers to run their own NFC and Secure Element-enabled apps on the platform. For now, these technologies are only available in Apple Pay and Apple Wallet.
On iOS 18.1, people will be able to choose third-party apps as their primary payment system, replacing Apple’s solutions. To do so, developers will have to pay fees and sign commercial agreements with Apple.
Circle will use this new feature to allow cryptocurrency wallet owners to use NFC to pay with USDC. As usual, the user will be able to bring their iPhone to a POS terminal and send transaction details. The iPhone will then ask for confirmation, for example, via Face ID, and initiate the payment in the blockchain.
The feature will initially be available in Brazil, Australia, Canada, Japan, the UK, the US, and New Zealand. There is no information about a launch in Europe yet. The public release of iOS 18.1 is expected in October 2024.
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