Bitcoin Today: Above 7600 but suspiciously quiet
Price
After a little dive, the market managed to gain enough volume and break above the Bearish Trend Line zone. After the breakthrough of the resistance area along with 7600.0 level, BTCUSD froze on the 7700.0 level and holding on the 7700 for the 9 hours already, showing ultra thin volatility. Where we could go from here? Depends on whether the price will be able to hold above 7600.0 this time. If we stay above 7600.0 – the next resistance on the way up will be 8000.0.
Today forecast
Trading in the 7600.0 – 8000.0 zone. An upward impulse to 8000.0 resistance is possible.
Latest news
After a little dive, the market managed to gain enough volume and break above the Bearish Trend Line zone. After the breakthrough of the resistance area along with 7600.0 level, BTCUSD froze on the 7700.0 level and holding on the 7700 for the 9 hours already, showing ultra thin volatility. Where we could go from here? Depends on whether the price will be able to hold above 7600.0 this time. If we stay above 7600.0 – the next resistance on the way up will be 8000.0.
Today forecast
Trading in the 7600.0 – 8000.0 zone. An upward impulse to 8000.0 resistance is possible.
Latest news
- SEC still won’t treat Bitcoin as a security
Securities and Exchange Commission Chairman Jay Clayton said Wednesday that the agency would continue its regulatory stance of not treating bitcoin as a security.
“We’ve been doing this a long time — there’s no need to change the definition,” Clayton told CNBC.
Initial coin offerings do have to comply with SEC regulation, Clayton said. - Coinbase to Become First Broker-Dealer to Offer SEC-Regulated Crypto Securities
In an official announcement earlier today, Coinbase revealed its plans to become the very first crypto broker-dealer, capable of offering blockchain-based securities which are under the purview of the Securities and Exchange Commission (SEC).
Asiff Hirji, acting President and Chief Operations Officer (COO) of Coinbase, announced that the leading US cryptocurrency exchange is on the verge of becoming a broker-dealer capable of offering crypto securities regulated by the SEC.
Should Coinbase succeed in getting their licenses approved, this would significantly broaden its potential service capabilities, essentially turning it into the first regulated cryptocurrency broker-dealer under the purview of the SEC and FINRA.
As noted in the announcement, this would set the exchange on a path where it can offer crypto securities trading, margin trading, and over-the-counter (OTC) trading, as well as new market data products. Given the fact that there are numerous digital assets on the market, with quite a lot of them fulfilling the lawful definition of a “security”, this could potentially open up the door for serious market expansion.
In the words of Mr. Hirji:
Ultimately, we can envision a world where we may even work with regulators to tokenize existing types of securities, bringing to this space the benefits of cryptocurrency-based markets — like 24/7 trading, real-time settlement, and chain-of-title.
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