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U.S. Treasury Secretary nominee says the use of crypto in illegal activities is a particular concern.

U.S. Treasury Secretary nominee Janet Yellen has said the illicit use of cryptocurrencies like Bitcoin in money laundering and other financial crimes was a “particular concern,” sparking suggestions tighter regulation could be in the pipeline. The former chair of the Federal Reserve made the comments at her confirmation hearing in the U.S. Senate, highlighting the […]

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U.S. Treasury Secretary nominee Janet Yellen has said the illicit use of cryptocurrencies like Bitcoin in money laundering and other financial crimes was a “particular concern,” sparking suggestions tighter regulation could be in the pipeline. The former chair of the Federal Reserve made the comments at her confirmation hearing in the U.S. Senate, highlighting the difficulties facing law enforcement in tackling money laundering and terrorism financing posed by cryptocurrencies.

“The government needs new tools to prevent money laundering through cryptocurrency exchanges.”

Yellen stated in response to Senator Maggie Hassan (D-NH) a question about what the Treasury would do to curtail the threats of financial crime from emerging technologies. In the question, Sen. Hassan specifically mentioned the threat posed by digital currency, winning the agreement of Yellen in response. The comments already fueled speculation about the implications for digital currency regulation, should Yellen be confirmed as Treasury Secretary in due course. She suggested that the government needs new tools to prevent money laundering through cryptocurrency exchanges. Digital currencies that “many are used at least in a transactions sense mainly for illicit finance,” she added.

Crypto regulations under the new administration might favor the industry. 

“You’re absolutely right that the technologies to accomplish this change over time, and we need to make sure that our methods for dealing with these matters, with terrorist financing, change along with changing technology. Cryptocurrencies are a particular concern. I think many are used—at least in a transaction sense – mainly for illicit financing,” Janet Yellen noted. The comments could highlight the upcoming change in policy direction towards cryptocurrency as the new Biden administration is ushered into office. As reported earlier, U.S. President Joe Biden halted the FinCEN’s new crypto wallet regulations on his first day at the office. 

Source: https://coinnounce.com/janet-yellen-says-use-of-crypto-in-illegal-activities-is-a-particular-concern/

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Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front

Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000. Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop. The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation. Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially,

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

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  • Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000.
  • Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop.
  • The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation.

Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially, traders anticipated support at the 100 Simple Moving Average (SMA) and the 50 SMA on the 4-hour chart, but the gravitational force seems extremely hard to stop.

Meanwhile, the bellwether cryptocurrency is trading slightly above $47,000. Short-term technical analysis shows that the least resistance path is downwards. This is emphasized by the Moving Average Convergence Divergence (MACD) on the same 4-hour chart.

The trend momentum indicator has also flipped bearish following the MACD line (blue) cross under the signal line. Additionally, the technical indicator is falling toward the midline and may extend the action into the negative region.

Bitcoin is expected to secure support at the 200 SMA to halt the losses. However, if push comes to shove, BTC will extend the bearish leg to $42,000 due to the lack of a robust support area.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The In/Out of the Money Around Price (IOMAP) model by IntoThepBlock bolsters the massive resistance ahead of the flagship cryptocurrency. Recovery from the current price levels to $50,000 will not come easy, especially with the selling pressure between $48,450 and $49,816. Here, nearly 1.1 million addresses had bought 504,000 BTC.

BTC IOMAP model
Bitocin IOMAP model by ITB

On the flip side, the same on-chain model reveals that Bitcoin’s downside is also strongly supported, which means that losses as far as $42,000 may not come into the picture. Consolidation may take place owing to the support running from $45,660 and $47,026. Here, approximately 739,000 had purchased 445,000 BTC.

The post Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front appeared first on Coingape.

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Source: https://coingape.com/82773-2/

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