$6B scam accused in court, China loophole for Hong Kong Bitcoin ETFs: Asia Express

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: Apr 25 2024

BTC-0.064%

WEN+4.19%

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Chinese National's $5.94 Billion Scam: Yadi Zhang, a Chinese national, is accused of running a $5.94 billion scam in Mainland China and laundering the proceeds using Bitcoin.
Hong Kong Crypto ETFs: Mainland Chinese residents are barred from accessing Hong Kong spot Bitcoin and Ethereum ETFs after their April 30 launch due to anti-money laundering laws and Bitcoin ban in China.
Philippines SEC vs. Binance: The Philippines SEC has called for Google and Apple to remove Binance's apps from the country, alleging unregistered securities and operating an unlicensed exchange.
Bitcoin DApp Developments: Bitcoin DeFi developer MicrovisionChain launches an asset bridge to build a BRC-20 DEX supporting swaps and token exchanges.
Singaporean Exchange's Titan Chain Project: Tokenize Xchange pledges $100 million worth of TKX tokens to incentivize developers to build on its native blockchain project, Titan Chain.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.

Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	36103.434	48051.717	60373.454	72321.737	84643.474	96591.757	108913.494
Fibonacci	48051.717	57322.865	63050.589	72321.737	81592.885	87320.609	96591.757

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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