The launch of the Bitcoin futures deal has focused the attention of major financial institutions on cryptocurrencies. While the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CMG) have been recognized as pioneers in the Bitcoin futures market, discussions on cryptocurrency are underway around the world. Last Friday, Reuters informed that EU countries agreed to introduce stricter rules on the use of cryptocurrencies. Bearing in mind the fight against money laundering and tax evasion, these rules require greater transparency on the part of exchange operators. European Commissioner for Justice, Consumers and Gender Equality, Vera Jourova said: “Today’s agreement will bring greater transparency, which will improve the prevention of money laundering and prevent the financing of terrorists.”
In a recent interview for Reuters, an intelligence officer at MI5, Annie Machon, said that the European Union’s decision to tighten the rules on cryptocurrencies exchanges is taken mainly to protect the interests of large banks. Analyzing the situation, Machon said it was a reflex reaction to the clash of new and old solutions. She further stated: “Any violation of our privacy rights on the Internet is always under the pretext of trying to stop money laundering or stop terrorism, pedophiles or anything else. I think most of the Bitcoin community probably use it in a lawful way, and governments just have a reason to break their right to privacy.” Bitcoin and other cryptocurrencies have a bad reputation for associating them with dark internet markets. But as Machon reminds us, the hands of banks are not clean either: “Yes, the criminals will use them, but criminals also use banks. Many banks have been caught laundering on a massive scale and have received huge fines for laundering of black and gray money, especially from drug trafficking. Maybe let us suggest to the EU that it should also close our banks.”
The discussion is being observed by whole cryptocurrency society and enthusiasts as one of the most important discussion ever emerged in this field.
Let’s now take a look at the Bitcoin technical picture at the H4 time frame. The local support at the level of $15,470 had been tested and the price reversed higher towards the level of $17,390. The key level to the upside is still the technical resistance at the level of $17,894. The corrective wave 4 might still get more complex and time-consuming if the wave progression will evolve into a triangle pattern.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Sebastian Seliga,
InstaForex Group © 2007-2017
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