Is Bitcoin 'cheap' below $40,000? BTC derivative metrics are mixed
Bitcoin (BTC) dipped below $40,000 support on April 18, and the two-week 15% correction was enough to prompt predictions of $30,000 prices in the near term.
Meanwhile, regulatory uncertainties continue to be a key concern for investors, including the failed European Know Your Customer (KYC) and Anti-Money Laundering (AML) proposed rules for ”unhosted” private wallets. For instance, exchanges started to demand additional information on its users just last week, causing some discomfort to traders.
The European Union Parliament’s Committee on Economic and Monetary Affairs voted on March 14 to ban or restrict Proof-of-Work-based crypto assets, but the proposed amendment was postponed.
More recently, in an email notification to users on April 13, the Bitstamp cryptocurrency exchange informed its customers about the ongoing policy upgrades on the platform, with the exchange seeking additional info.
Bitstamp now requires users to provide information like nationality, place of birth and tax residency, in addition to documents proving the origin of crypto and the annual income.
On April 14, the Nonprofit group Coin Center called the Securities and Exchange Commission’s (SEC) March 18 Amendments Regarding the Definition of “Exchange” an “unconstitutional overreach.” If the proposal becomes an SEC rule, decentralized platforms would likely be urged to register as exchanges.
Not everything has been negative for the sector, however, as more crypto-friendly names are about to join the United States government.
On April 15, U.S. President Joe Biden announced his intention to nominate law professor Michael Barr as the central bank’s vice chair for supervision.
Barr was on the advisory board of Ripple Labs from 2015 to 2017 before serving as
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