Most cryptocurrencies have traded higher in the last 24 hours, although with big price fluctuations, after the United States Federal Reserve’s decision to hike interest rates for the first time since 2018.

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The bitcoin price has been supported by the significant support level at $37K, which has led to a break out of the RSI’s resistance trendline and now is attempting the 100-day moving average. This is a significant resistance on Bitcoin’s route towards the range’s top. The $45K supply zone is unavoidable if the moving average is exceeded.

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The price is near its previous pivot and below a short-term resistance level around $42K, increasing the chances of a double top pattern emerging. If the threshold is surpassed, Bitcoin will face no obstacles to the $45K supply zone.

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Bitcoin fear and greed index on Tuesday, March 22, 2022, went from the fear level of 30 to the level of 26 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 $42,239.33, up 3.02%. In the last 24 hours, the highest it touched was $42,339.14 and the lowest was $40,850.91. Bitcoin has a current market cap of $802,145,133,598. It has a circulating supply of 18,990,481.00 BTC coins and a maximum supply of 21,000,000 coins.

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Malaysia should legalize bitcoin and cryptocurrency: Deputy Minister

The Communications and Multimedia Ministry of Malaysia proposed on Monday that digital currencies such as bitcoin (BTC) should be adopted as legal tender to help the younger generation who are active users of the currency, especially on non-fungible token (NFT) trading platforms, says Datuk Zahidi Zainul Abidin, deputy minister of the Communication Ministry of Malaysia, reported by Bloomberg. “We hope the government can allow this,” Zahidi said. “We are trying to see how we can legalize this so that we can develop youth participation in crypto and assist them.” In Malaysia, cryptocurrency falls under the purview of the country’s central bank and Securities Commission, the deputy minister added. The Deputy Communications and Multimedia Minister said the ministry will look into ways to increase the youth’s involvement in digital currencies as it is the future of finance. “All of these are under the purview of Bank Negara Malaysia and the Securities Commission. We hope the government will allow and legalize this so that we can increase the youth’s uptake of cryptocurrencies,” the deputy minister said. Zahidi said this in the Dewan Rakyat, the Malaysian House of Representatives, on Monday in reply to a supplementary question from MP Syed Ibrahim Syed Noh (PH-PKR) on the government’s stand on trading on NFT platforms, which was becoming increasingly popular, especially among the younger generations.

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UK advertising authority issues ‘Red Alert’ guidance on crypto ads

The U.K.’s Advertising Standards Authority (ASA) has issued an enforcement notice to over 50 companies that have advertised cryptocurrency services, advising them to review their ads to make sure they comply with the new guidance. The advertising regulator told CoinDesk the list of 50 includes all firms that have previously been subject to ASA rulings. Among these companies are Coinbase (COIN), eToro, Luno and “This is a ‘red alert’ priority issue for us and we’ve recently banned several crypto ads for misleading consumers and for being socially irresponsible,” the ASA said. The new guidance requires advertisers to clearly state that crypto is unregulated in the U.K. and that the “value of investments is variable and can go down.” Additionally, ads must not “state or imply that investment decisions are trivial, simple, easy or suitable for anyone” or “imply a sense of urgency to buy or create a fear of missing out, or that investments are ‘low risk’.” Companies advertising crypto services have until May 2 to ensure their ads meet this guidance, after which non-compliant advertisers will be reported to the financial watchdog the Financial Conduct Authority (FCA).