Forex Analysis & Reviews: 09.02.2022 - Europe is considering...

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09.02.2022 09:05 AM

Europe is considering regulations on the metaverse

The European Union is reportedly analysing the metaverse in order to develop a range of actions to regulate and control it. Executive Vice President of the European Commission Margrethe Vestager said they need to do it before deciding what actions are appropriate.

Metaverse is a virtual world in which the Internet becomes a virtual space that can be used for work, games, communication and so on. It gained popularity last year, which is proved by the fact that Facebook changed its name to Meta, indicating its serious plans towards the area.

On a different note, Kazakhstan plans to gain profit through crypto miners. The European Union is also looking in this direction as President Kassym-Jomart Tokayev recently called for increased taxes on crypto-mining.

So, from the current rate of 1 Kazakhstani tenge ($0.0023) per kilowatt of electricity, the new rate will be raised to 5 tenge per kWh. Miners will also have to pay taxes on imports of their equipment.

The argument for this change is that crypto mining does not create many jobs, but consumes a large amount of electricity, Some miners even pay less for electricity than the population.

Many crypto miners rushed to Kazakhstan after China took tough measures against the industry last year. The country had an excess supply of electricity, but after the influx of miners, producers needed to operate at maximum to meet demand.

As such, the government decides to cut off power to many crypto farms based in Kazakhstan. It was supposed to last until the end of January, but according to CoinDesk, the power supply has not yet been restored. The government is also on the path to eradicate gray mining or operations that are not properly registered and licensed.

So far, these measures have not been reflected in the crypto market, which in early February began to show a fairly strong upward trend after a major fall earlier this year.

Technical analysis for Bitcoin

BTC is trading above $43,120. If bulls manage to retain this momentum, Bitcoin could increase to $45,580, $48,554 and $51,810. Otherwise, the quote may dip to $38,700.

Technical analysis for Ethereum

ETH surpassed $2,980, but halted at $3,220. It seems that no one is interested in buying above $3,220, so the price is stuck at this level. But if bulls manage to push the quote up, ETH could increase to $3,430 and $3,670. If not, it will dip to $2,730, and then fall further to $2 470.

Upcoming reports from the US Department of Labor are likely to have strong impact on the Fed monetary policy and the stock market. Since those have deep correlation with cryptocurrencies, it is likely that when a decline occurs, crypto will dip as well. So be patient and do not rush to buy at the current highs.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.