Crypto news daily: Bitcoin data and price analysis for February 15, 2022

The waiting game continues for crypto traders after Bitcoin (BTC) is once again pinned below resistance at $44,000 and awaiting some spark in momentum that can sustain a rally back to the $50,000 range. The price of Bitcoin has traded in a range between $41,500 and $44,000 over the past couple of days and with tensions between Ukraine and Russia escalating, many traders are less than optimistic about Bitcoin’s short-term prospects.

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Buyers would need to make a significant move over $44,000 to reverse the price decline that has occurred from the November top of approximately $69,000. Brief rallies have been limited below resistance levels in recent months, indicating that sellers have been in charge.

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However, bitcoin may experience more gains in the short term, especially given the relative strength index (RSI) is not overbought on the daily chart. The next level of resistance is around $45,000, which may put a halt to the current advance.

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Bitcoin fear and greed index on Tuesday, February 15, 2022, went from the fear level of 45 to the level of 46 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $43,571.54, up 4.22%. In the last 24 hours, the highest it touched was $43,665.14 and the lowest was $41,786.11. Bitcoin has a current market cap of $826,394,148,743. It has a circulating supply of 18,958,512.00 BTC coins and a maximum supply of 21,000,000 coins.

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Ban on crypto ‘most advisable choice’: RBI deputy governor

T. Rabi Sankar from the Reserve Bank of India compared cryptocurrency to Ponzi schemes and said that banning them, not regulating them, would be the “most advisable choice” for the Indian government. Sankar, the deputy governor for the RBI, told audiences at a keynote address on Feb. 14 that “We have also seen that cryptocurrencies are not amenable to definition as a currency, asset or commodity.” Sankar feels that regulating crypto would ultimately be condoning its use as a store of value and even a currency in some cases. Merely regulating it could be akin to encouraging its use within the framework laid out by the government. However, he acknowledges that some people will still use crypto if it is banned, just as “drug trafficking is a rampant phenomenon despite a ban.”

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Canada invokes the ‘Emergencies Act’ to target crowdfunding and cryptocurrency

Canadian Prime Minister Justin Trudeau has invoked the Emergencies Act, which gives him the power to freeze Freedom Convoy protesters’ bank accounts and monitor “large and suspicious transactions,” including crypto. Deputy Prime Minister Chrystia Freeland said in a press conference on Feb. 14 that this latest tactical manoeuvre against the protesters broadens the scope of Terrorist Financing rules. It targets “crowdfunding platforms and the payment service providers they use.” Together, protesters had amassed over $19 million in funds through the fundraising platforms GoFundMe and GiveSendGo. However, those funds have been blocked from reaching the convoy, leading some to organize a fundraising round using Bitcoin (BTC).