CryptoDigest. 22.11

Today, activity on the crypto market has weakened after a surge in volatility last Friday. But the retreat continues, which has raised concerns among traders who bought bitcoin at higher values.

The share of profitable BTC addresses on Monday fell to less than 92%. A similar situation is observed with ether. The number of ETH wallets that went negative as a result of Friday’s collapse reached a monthly high, according to a Glassnode review.

Meanwhile, in an interview with RBC, the head of the Federal Tax Service of the Russian Federation spoke about the department’s plans to strengthen control over holders of digital assets. In Kazakhstan, apparently, the government is more loyal to the cryptosphere, since local miners plan to increase the capacity of equipment for the production of the first cryptocurrency.

Bulls hope bitcoin bottomed out

The price of BTC on Monday, November 22, fell to $ 58,255, and the capitalization of the crypto market per day decreased to $ 2.607 trillion. Activity has weakened. Most likely, traders switched to a wait-and-see strategy against the backdrop of the approaching Thanksgiving Day in the United States (November 25).

According to OKEx Insights, at the end of last week, players began to bet on an early bottoming and subsequent rebound in BTC. On the OKEx exchange on November 19, the price of the cryptocurrency fell to $ 55,606.

From a technical point of view, it was this mark that was supposed to be the updated bottom. In futures contracts with a settlement date of December 31, the BTC price is quoted at $ 57,550 with a premium of $ 700.

The size of the latter fell by more than half compared to the previous week. However, the strike price in the contact is indicated above the one that was fixed at the moment of the futures launch. Consequently, investors are looking forward to a higher cryptocurrency value by the end of the year, although the expansion will be less aggressive than expected in the first half of November.

The strike price in a contract with expiration on March 31, 2022 is $ 59,126, analysts say.

The long / short ratio has been holding above one since the last days of October. At the end of last week, this indicator reached 1.8 points, that is, traders who play long dominate the market. But this does not mean that the rally will resume soon. On the contrary, a similar situation was observed in mid-May before the large-scale rollback of Bitcoin.

Moreover, the fall dragged on for several weeks, experts said. Recall that in the crypto derivatives market, opening a long position is balanced by a short one. The total number of long positions (longs) must be equal to the number of shorts (short positions). A low ratio indicates that the majority of investors are keen to be short as they expect an imminent decline.

Tax authorities are preparing a surprise for Russian bitcoin holders

Recently, we regularly hear from many representatives of the Russian establishment about the need to strengthen control over individuals and legal entities that own cryptocurrencies.

Now the Federal Tax Service has joined the Bank of Russia, the State Duma and the government. This department has previously repeatedly spoken with alarm about the departure of many Russians to digital assets in an attempt to hide their real financial situation. Now the tax authorities have decided to seriously tackle increasing the transparency of the crypto market.

The position of the Federal Tax Service was announced by the head of the department, Daniil Egorov. He said that the fiscal authorities are closely watching the growth of investment in digital currencies. The Russian tax base is sagging as some companies and citizens opt for gray schemes.

So far, there is no disaster, but the trend inspires concern, and it is time to think about the development of a mechanism that would stimulate cryptocurrency holders to be ready to report to the Federal Tax Service, Yegorov emphasized.

He also noted that any person who enters the cryptosphere will sooner or later be spotted. Therefore, one should not rely on the complete anonymity of digital currencies. True, the official did not specify exactly how his service would identify the holders of cryptocurrencies.

Kazakhstan increases bitcoin capacity

Today the republic is among the top three countries in terms of the amount of computing power in the bitcoin network. This state has become a haven for Chinese miners who left their homeland under pressure from the authorities.

Among the companies that decided to gain a foothold in Kazakhstan, Canaan stands out, periodically increasing the hash rate here. The other day this enterprise brought 2,000 more Avalon miners to the Republic of Kazakhstan. The Canaan press center noted that the first deliveries of equipment for crypto mining to the Central Asian republic began in June.

Several batches of miners will arrive in Kazakhstan this week. The total capacity of Canaan is 32 terahesh per second (TH / s). In the near future, the company promises to increase the hash rate to 850,000 TH / s.

According to Canaan CEO Nangen Zhang, management plans to bring bitcoin power up to 1.8 exaches per second (EH / s).

According to Blockchain.com, the global hashrate for BTC is now 166.1 EH / s.

Sources: OKEX Insights, CoinDesk, CoinMarketCap, Blockchain.com, Glassnode, RBC