Crypto miners stole $723M of electricity in Malaysia since 2018: Report
Illegal Crypto Mining in Malaysia:
- Illegal crypto mining operators in Malaysia stole $723 million worth of electricity between 2018 and 2023, harming the state-controlled power operator and locals.
- Deputy Minister Akmal Nasrullah Mohd Nasir mentioned that these operators avoid registering with authorities and bypass electricity meters.
- Malaysian officials seized over 2,000 items in an operation in October 2022 to combat this issue.
- While mining cryptocurrency is legal in Malaysia, stealing electricity for mining purposes is illegal.
- Efforts to curb illegal miners have been a priority for the ministry, along with increasing renewable energy sources.
Crackdown on Unregistered Exchanges:
- Malaysia has taken action against unregistered cryptocurrency exchanges, ordering Huobi Global to close its operations for not registering trading services.
- Only HATA Digital, Luno, SINEGY, MX Global, Tokenize Technology, and Torum International are registered cryptocurrency trading platforms in Malaysia.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 43017.052 | 51508.526 | 59988.572 | 68480.046 | 76960.092 | 85451.566 | 93931.612 |
| Fibonacci | 51508.526 | 57991.647 | 61996.925 | 68480.046 | 74963.167 | 78968.445 | 85451.566 |
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