Bitcoin (BTC) Prices Cool Off, KYC and AML Defeat Purpose of Crypto

Dalmas Ngetich

Last Updated: June 11, 2024 9:14 pm

2 mins read

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Bitcoin prices cool off but up 8.7 percent in the last week
KYC, AML and other rules imposed by centralized exchanges defeats crypto objectives
Transaction volumes taper as prices consolidate

Albeit the excitement around expanding prices and wave of adoption, KYC and AML rules that expose user identity but made mandatory by exchanges defeat the very purpose of crypto. Progress is visible and would organically pump Bitcoin (BTC) prices.

Bitcoin Price Analysis

Fundamentals

After a decade of wonderful-and even jaw-dropping progress, it may be about that time when participants can begin asking hard questions. Yes, it is understandable that Bitcoin is the most valuable coin and its transaction levels rival those of MasterCard.

Regardless, isn’t it time to relegate centralized exchanges to the background? Centralized exchanges are and continue to be pivotal in the crypto space providing the necessary rails for crypto to crypto transactions as well as crypto to fiat or vice versa kind of operations. In China, for example, crypto exchanges are banned. In Japan, they must register with the FCA, and the same applies in almost all countries that accept crypto as a medium of exchange, a property but not legal tender.

However, it is the application of KYC, AML and other rules that gatekeepers claim are to prevent floaters from “washing” their money or financing terrorism via crypto. In a way, it defeats the very purpose of cryptocurrency as an anonymous and transparent alternative to fiat money.

The good thing is the community is working ways around this innovating and introducing techniques as sub-atomic or atomic swaps and drumming support for unhackable DEXs. Add this to the promotion of interoperability, and it is only a matter of time before we see the real influence of crypto.

Candlestick Arrangements

At the time of writing, BTC prices are cooling off and are stable in the daily chart. Even with this, bulls are in control and the fact that our previous BTC/USD trading plans are valid, aggressive traders can take this opportunity to add up their longs on every dip. Ideal buy zones according to data streams from BitFinex lines at around the $3,800 buy trigger mark. Any retracement that retests this level could be suitable for risk-off traders aiming at $4,500 and even $6,000.

Technical Indicators

Anchoring our analysis is Feb 18 high volume bull bar. Notice that it had high volumes—37k against 12k averages. Follow through bars have low volumes, and is a reflection of low participation is price consolidation. Typical of crypto rallies, a correction is inevitable, and any trend confirming (or nullifying) bar should have high volumes above 37k.

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.