Central Bank Group Unveils Data Project Mapping Crypto Transfers

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Today’s Cryptocurrency Headline

A new decentralised finance data platform could underpin future regulation of crypto market actors, according to a study released by the Bank for International Settlements (BIS). Project Atlas has initially been used to map out significant international flows between crypto exchanges, said a proof-of-concept report issued jointly with the Dutch and German central banks. The report from BIS, which groups central banks from across the world, warns that crypto data can be “manipulated or distorted.” It cites figures that suggest as much as 70% of activity on some exchanges is wash trading, an outlawed activity in which the same traders buy and sell the same asset in order to mislead and manipulate markets. Major centralised exchanges such as Binance have sought to assuage investor concerns by publishing details of the wallets they control, a form of assurance known as proof of reserves that BIS says “could be used for novel approaches to data-driven supervision” in the future.

BingX’s Bitcoin Chart

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The market is still experiencing a volatile trend, and the price of BTC remains in a position where it can go up or down. This price is very close to both $30,000 and $25,000, making it easy to reach either level. However, even at the price of $28,000, the market is relatively quiet compared to before. Most altcoins have returned to their starting point since the rebound, with no funds following BTC. In this situation, one should be cautious of sudden collapses in altcoins, while BTC, on the contrary, may remain relatively stable. The support level is at $27,800 and the resistance level is at $28,500.

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