U.K. lawmakers have introduced legislation titled the Economic Crime and Corporate Transparency bill, which is designed to empower authorities to crack down on crypto-related criminal activity. According to a government announcement, the new bill will allow law enforcement agencies like the National Crime Agency to “seize, freeze and recover cryptoassets.”
The U.K. government said that cryptocurrency is increasingly being used to launder revenue from fraudulent activity, the drug trade, organized crime, and cybercrime. Graeme Biggar, Director General of the National Crime Agency, concurred that criminals are “increasingly using cryptocurrencies.” He said that the new law would help law enforcement organizations “crack down” on terrorism, both internationally and domestically.
In addition to targeting illegal crypto activity, the bill also targets illicit finance in general. It will require anyone registering a business to verify their identity and will curtail the abuse of limited partnerships. Finally, it will give law enforcement greater powers to investigate fraud and demand information related to crime.
The package builds on earlier legislation called the Economic Crime (Transparency and Enforcement) Act. Today’s proposed legislation is just one example of the U.K. movement toward stricter crypto policies in recent months.
What about the crypto market?
Data from the latest weekly Arcane Research report shows the crypto market has been fearful for 171 days already. “Fear and greed index” has been continuing to show a Fear sentiment since April of this year.
The index recently observed a small surge as the Ethereum merge came around, but as soon as the investors realized it was a sell-the-news event, the sentiment dropped back down sharply.
Two days ago, when the report came out, the indicator had a value of 23, which would suggest extremely fearful mentality. Since then, it hasn’t budged much as today’s value is still 22.
Currently, it’s unclear when the run would finally come to an end. If it keeps on and runs through October, crypto investors would have observed 200 days of fear.
Ethereum price analysis
Ethereum managed to stay above the $1,220 support zone and cleared the $1,260 and $1,280 resistance levels. It is now trading above $1,300 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $1,380 level.
There is also a major bearish trend line forming with resistance near $1,385 on the hourly chart of ETH/USD. The trend line is near the 76.4% Fib retracement level of the downward move from the $1,420 swing high to $1,220 low.
Source:ETHUSD on TradingView.com
Hourly MACD is now gaining momentum in the bullish zone
Hourly RSI is above 50
Major Support Level – $1,288
Major Resistance Level – $1,400
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