Spring is in full force due to our calendar and the things might soon as well heat up on the cryptomarket.
Judging by the latest hopeful forecast provided by Coindesk analyst Omkar Godbole, the Bitcoin could finally end the infamous tradition – the five-year March losing streak – as the trend may change if the momentum for a bullish reversal, which began in February, resumes soon.To confirm this hypothesis, the Bitcoin should break through the resistance at the level of $4190 within the next one-two weeks.
However, the focus can shift to the primary bearish trend in case the Bitcoin fails to pick a strong bid in the next few days – the very beginning of March will settle this matter. At the end of February, the Bitcoin rate increased by 10%, and now BTC is trading at $ 3838.
Another exciting news piece comes from far east – Japan is known to be a tech-first country, where the cryptocurrency acceptance is higher than anywhere else in the world. However, these possibilities are definitely abused by the fraudsters. Recently, the national police agency – the NPA – reported that more than 7,000 cases of money laundering using cryptocurrencies were recorded back in 2018, and this figure is 10 times higher than a year before! Despite this rapid crime rate growth, most of the money-laundering operations are still carried out by the banks. For example, 417,000 suspicious transactions were recorded last year, and at the same time, only 1.7% of cases involved cryptocurrencies.
To improve the efficiency of detection of suspicious activity in the financial sector NPA intends to use solutions based on artificial intelligence. However, last year the Japanese authorities made a statement about the plan to push on the unregistered cryptocurrency companies operations.
Speaking about tech advancement – yesterday, the last day of winter saw the much-anticipated Constantinople hardfork release.The daily volume of emissions will now stand at 13400 ETH, the production time of one block will be set at 14 seconds, and the reward for it will be reduced from 3 to 2 ETH (EIP 1234). Moreover, the inflation rate of Ethereum will be about 4%.
A reminder – Constantinople is the second stage of the complex metropolis hardfork (the first was Byzantium, which reduced the block reward from 5 to 3 ETH). Besides numerous tweaks, the update optimizes the gas use in the network and creates conditions for the activation of the Casper Protocol, which will transfer Ethereum to the hybrid PoW/PoS consensus algorithm.
And finally – the cryptocurrency worldwide adoption looks a bit brighter as one of the most famous and largest private banks in Switzerland “Julius Baer” announced that it will soon begin to provide its customers with a variety of new services in the field of digital assets!
The initiative is implemented in partnership with cryptocurrency banking startup SEBA Crypto AG. Julius Baer will begin to provide services after SEBA Crypto will get in the Office for the supervision of financial markets in Switzerland (FINMA) a banking license and is licensed as a securities dealer. It is expected that the company will start operating in the 2 quarter.
“Julius Baer believes that digital assets will become a full and sustainable asset class for investment portfolios. Investments and cooperation with SEBA confirm Julius Baer’s entry into the field of digital assets and the intention to open access to innovation for our customers,” said Peter Gerlach, head of Julius Baer markets.
Last year Julius Baer acquired a stake in SEBA Crypto, the exact size of which is not disclosed.
We wish you hot trades and good weekdays!