Crypto Industry News:
The Ukrainian National Agency for Corruption Prevention (NACP) described in detail the way cryptocurrencies are reported in the annual income declarations. Cryptocurrencies are categorized under the 'intangible asset', although they are also listed by name.
The agency published a set of instructions on how to report the ownership of different types of assets in the annual income declaration. The declaration is mainly intended for government officials, although it must also be submitted by persons with foreign income and persons practicing the profession of freelancers without registering a business.
Cryptocurrencies should be reported in the 'intangible asset' section, which typically includes items of indefinite value, such as intellectual property rights or brand names. However, the instruction explains that you should also report cryptocurrencies and specify the information that should be sent.
Individuals will need to provide the name of their assets, date of last purchase, quantity and the total value of assets on the last day of the reporting period. Cryptographic assets owned by direct family members should also be included.
The agency applied the definition of the virtual assets provided by the Special Group on Anti-Money Laundering and specifically excludes coins that are virtual representations of standard currencies (fiat), securities or other financial assets.
Some Ukrainian officials have already reported having cryptocurrencies in their previous declarations. The current governor of the Odessa region revealed in 2018 that he owned 290 Bitcoins and 11,000 Ethereum, worth $ 2.5 million and $ 2.47 million, respectively.
Ukraine is known for its activity in the cryptocurrency space. In December, the country's parliament passed a law on money laundering regulating the use of cryptocurrencies.
The Ukrainian Ministry of Digital Transformation announced in February that mining cryptocurrencies do not require government oversight. This is despite several high-profile cases where government resources were used to mine cryptocurrencies. In November, it was established that employees of the branch of the national rail service installed over 100 excavators on government properties. A similar case was reported in August at a nuclear power plant.
Technical Market Overview:
Ethereum has broken above the short-term trendline resistance some time ago but keeps trading in a narrow range located between the levels of $212.48 - $235.42. No relief rally has been made so far on ETH/USD because any rally attempt is being capped very quickly by bears. The downward momentum is increasing, so another wave down can occur soon. The next target for bears is seen at the level of $200 and below at $196.61. On the other hand, in order to rally higher, the bulls have to break the technical resistance located at the level of $235.42.
Weekly Pivot Points:
WR3 - $315.76
WR2 - $294.92
WR1 - $247.66
Weekly Pivot - $227.96
WS1 - $180.28
WS2 - $159.27
WS3 - $113.10
Trading Recommendations:
The larger timeframe wave 2 corrective cycles are completed at the level of $115.05, so the market might be ready for another impulsive wave up of a higher degree and uptrend continuation. This strategy is valid as long as the level of $146.94 is not violated. The current move up might be a wave 3 in developing in the overall long-term Elliott wave scenario and so far the top at the level of $288.01 might be wave 1 of the overall wave 3.
