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Will VeChain (VET) Price Regain a $0.14 Price Level?

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VeChain is a blockchain especially developed for business purposes, catering to the enterprise clientele. The range of VET prices has been fairly tight as investors were busy evaluating the price movements in Bitcoin as it struggled a few days ago. 

The VeChain price traded at $0.1065 on Monday, a 7% fall from the highest mark on Sunday & around 61% dip compared to this year’s highest point. As per the CoinMarketCap, VeChain ranks 20 in the crypto world as its market capitalization is above $7.8 billion.

Will VeChain (VET) Price Regain a $0.14 Price Level?

VET cryptocurrency traded at $34,000, and according to a few analysts, Bitcoin price is likely to crash by over 40% and drop to $20,000. This is essential since other crypto coins and VeChain have a significant correlation to these BTC price movements.

Will VET Price Regain Positive Momentum?

VeChain Price Analysis
VET/USD Chart By TradingView

The VET and BTC duo traded slightly positive with 0.56% intraday gains with 0.000003094 BTC, while VET and Ethereum jumped at 1.17% intraday increment with 0.00004549 ETH.

Will VeChain (VET) Price Regain a $0.14 Price Level?

VET price is fluctuating around the 0.236 fib level with a good support level of 200-DMA. The resistance line acted strongly at 50 and 100-DMA while the asset fell below 200, 50, and 20-DMA.  

The volume action in the monthly chart has dropped lower than the average line. Improvement is required to pull this over the average line. The support levels on the lower side at $0.0660 and $0.0940 and resistance levels on the higher side at $0.1920 and $0.1475 when the closing day candles over 100 and 200-DMA boost the market, making it relatively bullish.

VET Price Analysis

According to the weekly price chart, the VeChain currency is nearing its final supply zone and may face rejection from distribution aspects. The technical indicators are slowly showing positive momentum.

VeChain Price Predictions 

At present, VeChain is moving at 0.12 together with a 1.76% intraday gain, and the ratio of volume to market cap remains at 0.1232. VeChain price rise was over 112% compared to its lowest in May, and it amounted to $0.1407 over the past week. This price, however, was a little below the fib level of 38.2%. It later fell below the retracement level of 23.6%.

The 4-hour price chart also showed a formation of shoulders and an inverted head pattern. Hence, there is a possibility of VET price bouncing back to the retracement level of 38.2% at $0.1470. Nevertheless, this prediction will be invalid if the price falls below $0.0924.

The dip in the crypto market has pulled down the VET price by a great margin. If everything goes well in June, it can be expected to bounce back to its previous all-time high. Based on our VeChain price prediction, if the market and investors remain bullish, the price may rise to $1 by the end of 2021 

Source: https://www.cryptonewsz.com/will-vechain-price-regain-a-0-14-price-level/

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The IRS says it plans to award contract for crypto startup’s cross-chain tracing software

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A notice published last week by the Internal Revenue Service indicates that the U.S. tax agency wants to beef up its capacity to track cross-chain transactions.

The term “cross-chain” generally applies to the ability for two or more blockchain networks to interact or communicate with one another, often in the context of users being able to transact from one to the next via so-called bridges. The IRS notice, published on September 16, suggests that the agency wants more insight into these processes as part of its criminal investigatory efforts.

The notice states:

“There are multiple cryptocurrency tracing platforms in the market today, however based on the way blockchain technology works, a significant portion of the intelligence and coverage each provides is unique to each provider. Additionally, the TRM Forensics Web-Based tool provides unique capabilities not currently found in tools from other providers. CCU is requesting this specific platform due to its cross-chain analysis tracing capabilities and unique methods for visualizing various cryptocurrencies across blockchains.”

The notice refers to a contract it wishes to award to TRM Labs Inc., a U.S.-based company. TRM raised a $14 million Series A funding round this summer, led by Bessemer Venture Partners. Backers of the company include PayPal Ventures, the payments company’s venture arm.

The Block reported in June that the IRS is seeking a broad expansion of its crypto capabilities. The agency is seeking more funding from Congress in order to grow its crypto-related enforcement efforts and hire outside experts.

On Monday, crypto exchange operator Coinbase struck a deal with the U.S. Department of Homeland Security for the use of its own analytics software.

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Source: https://www.theblockcrypto.com/linked/118092/the-irs-says-it-plans-to-award-contract-for-crypto-startups-cross-chain-tracing-software?utm_source=rss&utm_medium=rss

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FTX subsidiaries receive crypto licenses in Gibraltar and the Bahamas

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Crypto exchange FTX’s subsidiaries in Gibraltar and the Bahamas have received licenses as the company continues to foster relationships with local regulators.

FTX’s Gibraltar subsidiary, Zubr Exchange, has received authorization from the Gibraltar Financial Services Commission (GFSC) as a distributed ledger technology (DLT) provider. Zubr is a local crypto derivatives exchange, which FTX acquired earlier this year, but revealed the deal on Friday.

FTX said it has begun integrating the Zubr team, but the latter will maintain its local presence and operational autonomy in line with the DLT provider license requirements.

As for FTX’s Bahamas subsidiary, FTX Digital Markets, it has been registered by the Securities Commission of the Bahamas as a digital assets business under the Digital Asset Registered Exchanges Bill or the “DARE Act.”  FTX said its Bahamian subsidiary is the first digital asset business licensed under the DARE Act.

As part of its expansion plans in the Bahamas, FTX Digital Markets has also appointed Ryan Salame, former head of OTC at Alameda Research as its CEO. The firm also has headquarters in Nassau, Bahamas, and plans to hire local talent for areas such as finance, marketing, and engineering.

“I’m excited to plant the flag for FTX in The Bahamas,” said Salame. “The relationship we have fostered with local regulators culminating with us being authorized under the framework offered through the DARE Act, gives me confidence that we’ll be able to work closely with regulators to make sure our offerings are compliant in multiple jurisdictions.”

FTX and its units appear to be taking regulatory initiatives in several countries. Last month, FTX.US acquired regulated crypto derivatives exchange LedgerX to enter the derivatives market. FTX CEO Sam Bankman-Fried today said the company is “committed to maintaining a close working relationship with local regulators so that together we can navigate putting a comprehensive regulatory framework in place to help promote the growth of this nascent asset class.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


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Source: https://www.theblockcrypto.com/post/118093/ftx-subsidiaries-receive-crypto-licenses-in-gibraltar-and-the-bahamas?utm_source=rss&utm_medium=rss

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Coinbase scores $1.3 million deal with US government even after SEC alarms

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Coinbase, the largest crypto exchange in the United States has been able to secure a new deal with the United States’ Immigration and Customs Enforcement (ICE) office which would see it use its Coinbase Analytics tool for undisclosed purposes. Per available information, the government agency will be paying as high as $1.36 million as licensing fee to the Brian Armstrong-led crypto exchange.

Coinbase, US agencies partnerships

In proof of the exchange capability, SAM.gov’s database indicated that the crypto firm was the “only vendor” who could provide the services needed by the ICE. However, details of the kind of information Coinbase would be sharing or analyzing remain obscure.

It is interesting to note that the ICE is a branch of the U.S. Homeland Security. It is in charge of investigating cross-border crimes and also to check the influx of illegal migration into the United States.

The Armstrong-led exchange has also seen its Coinbase Analytics tool enjoy some level of patronage from different government agencies. Earlier in the year, it inked a deal with Secret Service which contracted the exchange until 2024 and would see it use the firm’s blockchain forensics tools.

Apart from the security agencies, other government agencies like the Drug Enforcement Administration (DEA) and the Internal Revenue Services (IRS) have also shown an interest in analytics tools for their various operations or investigations.

Critics lambast Coinbase’s partnerships

The exchange has also faced some criticism from onlookers who believe it is cashing on its users’ information as its government partnerships run against the core tenet of the crypto industry which is privacy.

One such critic is DJ Booth, who once said “Coinbase collect private information about their customers due to AML regulations, track customer transactions before and after exiting Coinbase, and then onsell that private information and public data to law enforcement, all without ethical remorse. OK, it’s just business.”

However, despite the amorous relationship between Coinbase and some of the government agencies, the exchange has enjoyed a somewhat frothy relationship with its regulator, the Security and Exchange Commission (SEC) who recently hinted that it could sue the exchange if it proceeds with its plans to provide lending services to its users.

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Source: https://cryptoslate.com/coinbase-scores-deal-with-us-government-after-sec-alarms/

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