Bitcoin is still testing the $ 40,000 level
Bitcoin chart analysis
The price of Bitcoin still fails to make a concrete break above $ 42,000 and stay above. We had such an attempt yesterday, where the price climbed to 42,450 dollars. After that, we had a rapid withdrawal of up to $ 40,550. The MA20 moving average is now on the bearish side and puts a little pressure on the price, while the MA50 and MA200 are in the zone of around $ 40,000. The geopolitical situation is still unstable, which keeps buyers on the sidelines, and that could further lower the price of bitcoin. A break below $ 40,000 and moving averages to the bearish side could lower the previous March support zone price of $ 37,200-37675. For the bullish option, we need a break above the $ 43,000 level. After that, we can expect growth to the March resistance zone of about $ 45,000.
Malaysia supports cryptocurrencies
The Malaysian Ministry says that Bitcoin is the future of finance and calls for the legalization of cryptocurrencies as a means of payment. The Ministry of Communications and Multimedia of Malaysia, through its deputy Datuka Zahidi Zainul, called on the government that cryptocurrencies such as bitcoin should be adopted as a legal tender in the country.
Cryptocurrencies fall under the jurisdiction of the country’s central bank and securities commission.
Ni Shamsiah Mohd Yunus, chairman of the Central Bank of Malaysia, said the country would offer more options for the digital currency in the coming years, including the CBDC, to help the national financial sector capitalize on new technologies.
“We are going a step further by experimenting with digital currencies of the central bank (CBDC) in the next few years. In an email interview with Bloomberg, there is no better way to keep up with something new than to try it for ourselves,” Yunus said.
Since El Salvador became the first country in the world to officially make Bitcoin a legal tender, more and more nations have become more open to the idea of classifying property classes.
For example, Ukrainian President Volodymyr Zelenskyy recently signed a new law legalizing the activities of cryptocurrencies in the country. Although Ukraine has not made the property a legal tender such as El Salvador, the new law allows people and companies to engage in crypto operations.
Similarly, Russia announced in February that it would treat Bitcoin and other cryptocurrencies as legal currencies. In other words, the country will recognize crypto-assets “as an analogue currency, not digital financial assets.”
Goldman Sachs executes its first crypto OTC transaction
Today, Goldman Sachs made its first exchange-free crypto options trade, marking an important milestone in expanding its digital asset offering.
The U.S. bank said it was investigating the provision of bilateral cryptocurrencies earlier this month but did not reveal anything about when such a transaction could occur.
According to a report from Bloomberg, Goldman Sachs traded the non-shippable Bitcoin option, a derivative tied to the price of Bitcoin, paid in cash. The transaction itself was made possible by Galaxy
Digital, is a cryptocurrency trading bank that manages digital assets of over $ 2.8 billion.
While Bitcoin options have long been the norm in the crypto market, the cash-on-option options contract at the counter store is anything but the norm. This is the first time that a large bank in the United States has conducted such a transaction, and it should pave the way for other institutional investors to enter the crypto market. Unlike other Bitcoin products currently available on the market, Goldman Sachs’s latest Bitcoin option puts almost the entire transaction risk on the bank itself.
Goldman’s breakthrough in Bitcoin derivatives has long been expected by both the broader market and its customers. The global head of the bank for crypto trade, Andrej Kazancev, said in December last year that there was a growth in the demand for options related to digital assets.