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Belarus wants to ban P2P cryptocurrency transactions

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The Belarusian foreign ministry is working on legal amendments to prohibit peer-to-peer, or P2P, transactions in cryptocurrencies like Bitcoin (BTC).

The Ministry of Foreign Affairs (MFA) of the Republic of Belarus on July 2 issued an official announcement on Telegram about new legislation that would ban P2P crypto exchange for individuals.

The authority cited a high cybercrime rate in Belarus, stating that local prosecutors have suppressed the activity of 27 citizens providing “illegal crypto exchange services” since the beginning of the year. Their total illegal revenues amounted to nearly 22 million Belarusian rubles ($8.7 million).

The foreign ministry argued that crypto P2P services are “in demand among fraudsters who cash out and convert stolen funds and transfer money to organizers or participants in criminal schemes.”

In order to eliminate such illicit activity, the MFA will prohibit individuals from P2P and will only allow them to exchange crypto via exchanges registered with Belarus Hi-Tech Park, (HTP). The regulator stated:

“The MFA is working on legislative innovations that prohibit crypto exchange transactions between individuals. For transparency and control, citizens will be allowed to conduct such financial transactions only through the HTP exchanges.”

The authority also noted that it plans to implement a practice similar to the procedure for exchanging foreign currencies, which will make it “impossible to withdraw money obtained from illegal activity.”

“Under such conditions, it will simply become unprofitable for information technology fraudsters to operate in Belarus,” the MFA wrote.

In response to the news from Belarus, many cryptocurrency enthusiasts have questioned the government’s ability to ban P2P cryptocurrency trading. “Good luck enforcing it,” one crypto observer on Twitter said.

Related: Banning crypto ‘may not be effective in the long run’ — IMF

P2P exchange is the original idea of Bitcoin, as written by anonymous BTC creator Satoshi Nakamoto in its white paper. According to Bitcoin advocates like Jan3 CEO Samson Mow, banning P2P apparently is not an easy task, if not unfeasible. The exec told Cointelegraph in June that many users in China still use P2P channels to exchange their crypto despite the country banning all crypto transactions for users in 2021.

The latest news from Belarus is somewhat contrary to legislation Belarus has passed in recent years. In 2022, Belarusian President Alexander Lukashenko signed a decree affirming the country’s formal support of free circulation of cryptocurrencies like Bitcoin.

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Cryptocurrency

Cardano Price Analysis: Can ADA Crash Below $0.7 This Week?

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Cardano’s price has experienced a massive drop recently following the Ethereum crash. However, things are still looking more positive for ADA, compared to ETH.

By Edris Derakhshi (TradingRage)

The USDT Paired Chart

Against USDT, the cryptocurrency has been consolidating between $1.2 and $0.8 over the past few months, forming a large descending channel pattern.

However, it broke down to the downside during the crypto market crash led by Ethereum, and ADA’s price briefly traded below its 200-day moving average, located around the $0.6 mark, before rebounding higher.

Currently, the price is trying to hold above the $0.8 support level, which would be vital if a bullish shift is bound to occur soon.

ada_price_chart_0502251
Source: TradingView

The BTC Paired Chart

The ADA/BTC chart shows a somewhat similar picture to that of the USDT-paired one. However, ADA is weaker than BTC.

The market has lost a key support level at 900 SAT and is now testing the 200-day moving average, which is located around the 750 SAT level.

In case of a breakdown, a deeper drop toward the 500 SAT area would be imminent. However, as the RSI is showing a clear oversold signal, a pullback toward the 900 SAT level looks more likely at the moment.

ada_price_chart_0502252
Source: TradingView
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

BitMEX Launches 20 New Altcoin Options Featuring LTC, SUI, LINK, and More

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[PRESS RELEASE – Mahe, Seychelles, February 5th, 2025]

BitMEX, a longstanding cryptocurrency derivatives exchange, has introduced 20 new options contracts, expanding its offerings to include a wider range of altcoins. Traders now have access to options contracts for Litecoin (LTC), Sui (SUI), Chainlink (LINK), Aave (AAVE), and additional assets, providing more instruments for risk management and market engagement.

BitMEX Options provides traders with access to robust market depth and minimal price fluctuations through an Orderbook and a Request-for-Quote (RFQ) interface. The platform supports both single-leg and multi-leg options trading with competitively low minimum sizes. Additionally, the Strategies Dashboard streamlines the execution of advanced options strategies, offering a more efficient trading experience.

Stephan Lutz, CEO of BitMEX said, “With the markets showing more volatility than ever, traders have an opportunity to push their strategies further, and we want to ensure they have every advantage. With this expansion, BitMEX is delivering what traders demand – a wider range of assets whilst empowering them with cutting-edge features that make executing sophisticated strategies effortless. With the addition of 20 new altcoin pairs, it reinforces our commitment to making BitMEX the go-to platform for options trading.”

Options traders can now access options pairs for BTC, ETH, AAVE, ADA, APT, AVAX, BCH, DOGE, FIL, ICP, LDO, LINK, LTC, MMPEPE, MMSHIB, MNT, OP, ORDI, SOL, SUI, TON, TRX, UNI, WLD, and XRP – totalling 26 pairs available for trading on BitMEX Options.

Users can sign up for BitMEX and explore trading options at https://www.bitmex.com/app/options.

About BitMEX

BitMEX is the OG crypto derivatives exchange, providing professional crypto traders with a platform that caters to their needs through low latency, deep crypto native liquidity, and unmatched reliability.

Since its founding, no cryptocurrency has been lost through intrusion or hacking, allowing BitMEX users to trade safely in the knowledge that their funds are secure.

BitMEX was also one of the first exchanges to publish their on-chain Proof of Reserves and Proof of Liabilities data. The exchange continues to publish this data twice a week – providing assurance that they safely store and segregate the funds they are entrusted with.

For more information on BitMEX, users can visit the BitMEX Blog or www.bitmex.com, and follow Telegram, Twitter, Discord, and its online communities.

For further inquiries, users can contact press@bitmex.com.

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Cryptocurrency

Ethereum Price Analysis: ETH Plunges 10% Weekly, What’s the Next Target?

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Ethereum’s price is yet to recover from the drop it has been experiencing lately. Therefore, more downside could be expected in the coming weeks.

Technical Analysis

By Edris Derakhshi (TradingRage)

The Daily Chart

On the daily chart, the price has been making lower highs and lows since getting rejected from the resistance at $4,000. Several support levels have been lost in the last few months, especially the 200-day moving average, located around the $3,000 mark.

While the price has already dropped to the $2,200 support and rebounded, there is still the chance for the market to decline lower as long as the cryptocurrency remains below the 200-day moving average.

eth_price_chart_0205251
Source: TradingView

The 4-Hour Chart

Looking at the 4-hour timeframe, the price has gradually declined inside a large falling wedge pattern. While the market broke the pattern to the downside on Monday, it recovered, reclaiming the $2,800 level. Yet, the RSI still shows values below 50%, indicating that the momentum is still bearish.

Therefore, if the price does not break back above the $3,000 level soon, a deeper correction or a longer consolidation could be expected in the coming weeks.

eth_price_chart_0205252
Source: TradingView

Sentiment Analysis

By Edris Derakhshi (TradingRage)

Ethereum Open Interest

As Ethereum’s price is in a steep downtrend, market participants wonder where the price will finally find support. Analyzing the futures market sentiment could provide helpful insights into this situation.

This chart presents the Ethereum funding rates metric, which measures whether the buyers or the sellers are executing their orders aggressively (using market orders) on aggregate. Favourable funding rates indicate bullish sentiment, while negative values show bearish sentiment.

As the chart suggests, the funding rates have dropped significantly following the recent crash. Judging by its current values, it is safe to say that the futures market is no longer overheated. However, without sufficient demand in the spot market, the market will not be able to recover any time soon.

eth_funding_rates_chart_0205241
Source: CryptoQuant
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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