Japan Requests the Removal of Unregistered Crypto Apps

Week of February 11-17, 2025

Japan’s Financial Services Agency (FSA) has asked Apple and Google to suspend access to unregistered crypto exchanges for users in the country. However, The FSA said the action was not a clampdown or about “shutting down crypto investing,” but “drawing a line in the sand” for non-compliant exchanges.

Donald Trump signed an order for Scott Bessent, the Secretary of the Treasury, and Howard Lutnick, the Secretary of Commerce, to begin the process of establishing the United States National Wealth Fund. This could involve investments in both Bitcoin and the TikTok app.

India is reviewing its tough stance on cryptocurrencies following similar patterns in the U.S. Despite heavy taxes and regulations, India has led the world in crypto adoption for the second year in a row in 2014. India's market watchdog has also recommended that several regulators oversee trade in cryptocurrencies. This position stood in contrast to the nation's central bank, which has maintained that private digital currencies are a macroeconomic risk.

The U.S. SEC is considering new regulatory clarity for digital assets, including possibly overturning previous commission orders that negatively impacted cryptocurrencies. The key issue for the new commission is determining whether crypto assets should be classified as securities. U.S. Senator Bill Hagerty also proposed legislation to create a regulatory framework for stablecoins like USDT and USDC, which would fall under the regulations of the U.S. Federal Reserve (Fed), with a focus on oversight while supporting growth.

MicroStrategy has rebranded to Strategy to emphasize its position as a Bitcoin bank. However, the company paused its Bitcoin purchases from January 27 to February 2, 2025, after purchasing continuously for 12 weeks. It currently holds 471,107 BTC.

Technical Analysis

Bitcoin (BTC)

The medium-term trend for Bitcoin (BTC) remains stagnant. Keep an eye on the key support level at $89,000. If it holds, there’s a chance for accumulation before a potential surge. If the price falls below this level, it’s advisable to pause investments. The first resistance is at $106,000. If this level is surpassed, we may see the potential for a new high.

• Support: 3,100,000 THB / 89,000 USD
• Resistance: 3,600,000 THB / 106,000 USD

Ethereum (ETH)

Ether (ETH) has dropped significantly, testing a recent low of $2,125. This position is expected to mark the bottom of this cycle. However, if it fails to hold, it's advisable to pause further investments. Look for buying opportunities at this support level and aim for medium-term profit-taking at the resistance of $2,940. If the price surpasses this point, an uptrend is likely.

• Support: 80,000 THB / 2,125 USD
• Resistance: 100,000 THB / 2,940 USD

PancakeSwap (CAKE)

PancakeSwap (CAKE) gained 20.49% last week, benefiting from the BNB chain's trend towards meme coins. However, the overall trend remains bearish. Watch the support at $1.10; if it fails to hold, consider cutting losses. If the price holds steady, the short-term profit target is at $2.40.

• Support: 40 THB / 1.10 USD
• Resistance: 90 THB / 2.40 USD

Velo (VELO)

Velo (VELO) gained 9.03% last week, but the overall trend remains bearish. Be cautious if it falls below the previous low of $0.013; it’s best to pause investments. The first resistance level for taking profits is at $0.023. If it breaks through this resistance, the price may show a positive shift.

• Support: 0.45 THB / 0.013 USD
• Resistance: 0.80 THB / 0.023 USD

Investment Trends

The release of the U.S. Non-Farm Payroll figures came in below expectations, triggering some buying pressure on Bitcoin (BTC) before it was sold off following Donald Trump's announcement of additional import tariffs. However, Bitcoin’s price has remained stable above key support levels.

The market may have already priced in the risks from Trump’s import tariff policies and is now awaiting positive factors, such as progress in Bitcoin being adopted as a Strategic Reserve, along with new cryptocurrency regulations that could push prices higher.

Key events this week include the U.S. Federal Reserve Chairman's economic report to Congress on Tuesday, February 11, 2025, and the announcement of the Consumer Price Index (CPI) or inflation rate on Wednesday, February 12. The market expects a CPI reading of 2.9%, the same as the previous month. A lower-than-expected reading could be positive for the market.

In this current market environment, the strategy is to gradually accumulate large-cap coins like Bitcoin and Ether (ETH), purchasing at key support levels and pausing investments if the support breaks. Additionally, altcoins with large market caps, such as BNB (BNB), Solana (SOL), Ripple (XRP), and Sui (SUI), which show an uptrend, should be monitored as the market awaits clarity on crypto regulations.

References

• https://cointelegraph.com/news/japan-removes-unregistered-crypto-exchange-apps   
• https://cointelegraph.com/news/donald-trump-executive-order-usa-buying-bitcoin   
• https://www.reuters.com/technology/india-reviewing-crypto-position-due-global-changes-senior-official-says-2025-02-02  
• https://cointelegraph.com/news/senator-hagerty-genius-stablecoin-bill   
• https://cointelegraph.com/news/hester-peirce-sec-plans-crypto-overhaul  
• https://cointelegraph.com/news/microstrategy-bitcoin-purchases-hodl 

Disclaimers

• Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to their own risk profile.
• Past returns or performance of digital assets do not guarantee future returns or performance. 

Remark: views, information, knowledge, and opinions are considered as content that come from individuals involved. They do not constitute an expression of Bitazza and its employees. Neither the email nor the content presented constitute investment advice.