A world first for Cardano staking is making headlines. England and Welsh lawmakers are changing the definition of crypto. And a massive move for Bitcoin in the banking space could set up a stratospheric bull run. Can anybody say ISO 20022? My name is Ben. This is your nightly news wrap-up.
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That lets me know you like this type of content and helps our ranking in the YouTube algorithm. My friends across the pond aren’t known to be very crypto-friendly, but that may be changing based on the consultation paper that was created by the Law Commission of England and Wales. The paper outlines digital assets and how they should be considered private property and their relationship to creating an internet of property. This is a breath of fresh air from regulators who have been breathing down the neck of crypto for the past 18 months. The commission is trying to clear up legal relationships that come up for assets when it’s relating to vesting property, bankruptcy, how fraud cases are prosecuted, wills are executed and so on.
This is very good news for crypto. And I hope that this idea catches on. Now, before I get to the next story, let’s take a look at the markets with Frankie Candles. Thanks, Ben! Alright, guys. Let’s jump in and do a little market watch. We’ve got Bitcoin coming in at $22,979. Ethereum coming in at $1,635 Now, coming over to the 4-hour chart on Bitcoin, you can see we are generally trading in this range right here. We are at this key level of support and resistance here at about $22,985. This is a key level that we need to hold if we want to continue higher. But looking at the confirmed bearish divergence on the daily timeframe, it is looking a lot more like a short than a long. If we do break this level and bearishly retest, I do think we could come lower into the middle of this range. The first target would be this local golden pocket at about $22,212.
But essentially, we would most likely be working our way lower towards this point of control at about $20,873. There is a lot of confluence at this level, so it is going to be very strong. It’s also a local golden pocket, and you do also have this diagonal trendline right here. So this area would be the next key level I am looking for to the downside if we continue down.
Always use proper risk management. Even more good news from Europe. No, not a new royal baby. Queen’s too old to have any more kids! This comes from Swiss digital asset firm Sygnum Bank. The Head of Business Units at Sygnum Thomas Eichenberger announced the addition of Cardano to their portfolio of bank-grade staking. The staking is fully integrated into the bank’s platform, so anyone using the bank for normal things like checking and savings accounts can also view their ADA delegation. Sygnum already has staking for Ethereum, Tezos and ICP? Staking services include institutional-grade security using segregated wallets, private key management and multi-layer security architecture. So lastly, I want to talk about some huge news I found out about Bitcoin possibly being integrated into the new banking messaging protocol ISO 20022.
I’ve covered ISO several times now, and you can find a whole playlist for ISO in the description. This document was sent to me from KingSolomon on Twitter. XRP guy, as you guys know. It’s a flowchart from Genfinity that breaks down the integration of Bitcoin being used across the new banking system that’s coming online, now delayed, in 2025. Using XDC as a wrapper, Bitcoin will be sent to any institution that uses ISO 20022. Which is pretty much all of them. The XBTC will be fully collateralized during the process so that Bitcoin retains its scarcity while being transferred. This new feature will allow Bitcoin to move around the world faster and cheaper than ever before.
This will make the onboarding process easier for payment systems and banks to bring crypto into their portfolios and offer Bitcoin transfers as a service to their customers. All this is set to go into effect in 2025. Perfect timing for the next bull run. If you thought Bitcoin was scarce now, just wait until banks are buying BTC as collateral to cover their customers’ assets. This is huge news you need to be paying attention to.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/oq9eeelA8VQ
