Whereas Coinbase is launching an promoting marketing campaign in Washington to convey to authorities officers that cryptocurrencies are applied sciences that may transfer the nation ahead, Hong Kong has taken a step in the direction of a regulated cryptocurrency market.
The Hong Kong Securities and Futures Fee (SFC) introduced on Might 23 that guidelines for retail buyers to commerce cryptocurrencies on licensed exchanges will come into impact on June 1. It additionally turned identified that 152 functions have already been acquired from key trade gamers, skilled associations and consulting corporations.
The regulatory framework will cowl necessary elements, together with asset storage safety necessities, avoidance of conflicts of curiosity, and different requirements.
Towards the backdrop of optimistic information from Hong Kong, the value of cryptocurrencies rose yesterday. However at present it’s declining. For instance, the value of ETH on Wednesday morning is down about 3% from the excessive of Might twenty third.
The day by day ETH chart exhibits a disturbing image.
Firstly, the value of Ethereum examined the median line (1) of the ascending channel yesterday (proven in blue).
Secondly, the sample of yesterday’s and at present’s candlesticks can type a false breakout of stability B. And if the ETH value dynamics develops in the identical course as through the false breakout of stability A (in early Might), then the ETH price towards USD could replace the lows of the 12 months.
