Bitcoin Today: Withheld the 6000 for now
Price
The last three days went as it was expected, lateral in the 6000 – 6600 zone. Though, Saturday was marked by high volatility and dive below the local support 6250. The fact that the price was brought back above 6250 adds to the supportive nature of 6000 level. So, the Bearish Trend Line is violated already and BTCUSD spent Sunday above 6250 in a lateral pattern. If the price will be picked up from here the nearest resistances will be 6600 and 6800 afterwards; from below we still have 6000 - 6250 zone as a support. Nonetheless, for now, we do not see any fundamental reasons that could push the price upward with enough power to hold it above 7000, so we expect a continuation of the lateral movement in 6000 – 6600 zone.
Today forecast
Trading in the 6000 – 6600 zone.
Latest news
The last three days went as it was expected, lateral in the 6000 – 6600 zone. Though, Saturday was marked by high volatility and dive below the local support 6250. The fact that the price was brought back above 6250 adds to the supportive nature of 6000 level. So, the Bearish Trend Line is violated already and BTCUSD spent Sunday above 6250 in a lateral pattern. If the price will be picked up from here the nearest resistances will be 6600 and 6800 afterwards; from below we still have 6000 - 6250 zone as a support. Nonetheless, for now, we do not see any fundamental reasons that could push the price upward with enough power to hold it above 7000, so we expect a continuation of the lateral movement in 6000 – 6600 zone.
Today forecast
Trading in the 6000 – 6600 zone.
Latest news
- More and more Indian exchanges use to stablecoins, the government looking into digital currencies too.
A growing number of cryptocurrency exchanges in India are adding stablecoins such as trueusd (TUSD) and tether (USDT) to their platforms. Such solution came up in order to minimize the impact of the crypto banking ban imposed by the RBI.
The Indian government has become infamous in the cryptocurrency world due to its hardcore “against” stance on the technology. However, reports have emerged that the government is considering launching crypto-tokens in the country.
These are different from cryptocurrencies, as they are representations of money and not currencies themselves. The tokens will be utilized for financial transactions, with the ban still “likely to continue”.
A committee has been formed, under the Department of Economic Affairs, to study how these cryptocurrencies and digital assets can be regulated and to form a roadmap for the future of digital assets in India.
The draft of the regulations will be tabled before the Indian Parliament when they are “ready and legally vetted”, stated sources to Indian news reporting platform DNA.
The head of the committee and DEA secretary Subhash Chandra Garg stated:
“The committee is studying the possibility of using cryptocurrencies or the crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that. [While] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India,”
Garg seems to be of the opinion that cryptocurrencies are a “Ponzi kind of scheme”, stating that the Reserve Bank of India has released advisories for this specific reason. This is also the reason the regulator has debarred banks from dealing with any aspect of the technology, with Garg referring to this move as “regulations”.
However, cryptocurrencies might see new life as crypto tokens. A senior official in the Indian government stated to DNA:
“One will need to pay physical money to buy a token which could be stored as a code in any basic mobile feature phone. It can even be used for remittances. So, it is easy to implement from technology as well as a regulatory point of view.”
The implementation of these tokens might also be as a test of sorts to see whether crypto-technology can be utilized in the country. Many speculate that the reasons cryptocurrencies haven’t been legalized completely yet are because it interferes with the supply of money in the country. The President of Digital Lenders’ Association of India, Alok Mittal, stated:
“Crypto token operates in a closed system and doesn’t impact the country’s monetary policy unlike cryptocurrency, which interferes with the money supply situation.”
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